RBC Poll Reveals Canadian Students Struggle with Student Debt Understanding — Royal Bank of Canada (RBC)

Event summary

57% of Canadian students use or plan to use financial aid for post-secondary education, but only 28% feel confident estimating repayment timelines.
Only 30% of students understand the differences between student loans, lines of credit, and credit cards.
62% of students rely on two or more funding sources, highlighting the complexity of financing education.
RBC survey conducted with 1,600 Canadians aged 17-24 between May 15-29, 2026.

The big picture

RBC's poll underscores a growing disconnect between the reliance on financial aid for education and the lack of preparedness among students to manage the resulting debt. This trend highlights the need for better financial education and tools to help students make informed borrowing decisions. As post-secondary education costs continue to rise, the ability to navigate student debt will become increasingly critical for long-term financial stability.

What we're watching

Financial Literacy Gap: How RBC's educational initiatives will address the awareness gap among students regarding debt management.
Debt Management Tools: Whether RBC's tools, such as the Student Budget Calculator and borrowing guide, will effectively improve students' financial planning.
Long-term Financial Impact: The pace at which students' understanding of debt repayment terms will influence their long-term financial health.