Urgent Update: Gen Z Faces Financial Crisis in Higher Education

New reports confirm that Gen Z students are grappling with an unprecedented financial crisis, jeopardizing their education. In Halifax, students like Rose Landry and Matt Cromwell are struggling to manage rising tuition costs, exorbitant housing prices, and a challenging job market, making it nearly impossible to balance academics and finances.

On a sunny afternoon, Landry, a third-year student at Saint Mary’s University, expressed her frustration, stating, “I don’t leave campus because I can’t afford to do anything off campus.” She is acutely aware that maintaining her scholarship is crucial, saying, “I would have to drop out if I didn’t have a scholarship.” This sentiment resonates with many students as they face the harsh reality of skyrocketing tuition fees.

According to the latest data, average undergraduate tuition in Canada has reached a staggering $7,734 for the 2025-26 academic year, with Nova Scotia students paying the highest at an average of $9,988. This surge in costs is compounded by a significant decline in government funding for higher education, forcing universities to rely heavily on tuition fees.

Meanwhile, employment opportunities for students are dwindling. Cromwell, who applied for over 100 jobs before landing a position, highlights the competitive landscape. The employment rate for Canadians aged 15 to 24 was just 54.2% in October, marking one of the lowest rates since the late 1990s. The current economic climate, characterized by high inflation and rising costs, has left many students feeling hopeless.

Housing affordability is another pressing concern. A recent poll indicates that 47% of post-secondary students plan to live with their parents, up from 36% a decade ago. For those venturing out, average rent in Halifax has skyrocketed to $1,520 for a bachelor apartment and $1,770 for a one-bedroom, making it nearly impossible for students to cover rent and tuition simultaneously.

Students are increasingly burdened by debt, with 48% of graduates owing over $25,000 by the time they finish their degrees. In Nova Scotia, the situation is even bleaker, with 67% of graduates facing similar debt levels.

“The data are beyond contestation,”

states Paul Kershaw, a professor at UBC. He emphasizes that today’s young adults face challenges that previous generations did not. “Higher tuition, increasing debt, and difficulty finding work are key factors making life hard for this generation.”

The financial landscape is dire, but not without potential solutions. Experts suggest that government intervention could help alleviate some of the burdens faced by students. Alex Usher, president of Higher Education Strategy Associates, notes that grants and scholarships can offset rising tuition costs, though housing remains a significant hurdle.

As students like Cromwell adapt to these challenges, many are forced to extend their degrees or work additional hours to make ends meet. “I hope something changes,” he expresses, highlighting the emotional toll this financial strain takes on students.

As the situation develops, it is clear that immediate action is needed to support Gen Z students, ensuring they have access to affordable education and housing. The time for change is now, as the future of an entire generation hangs in the balance.