Inflation and rising living costs create significant barriers for post-secondary education students. While tuition fees increase, the cost of living, rent, groceries, and transportation have surged, making it harder for students to cover basic expenses. Many are forced to cut back on essentials like food, some rely on food banks. Despite the increased financial strain, income support, such as grants and bursaries, has not kept pace. The situation is even more challenging for international students, with higher tuition fees and limited job opportunities. Students find it challenging to manage their finances and thrive academically, jeopardizing their education and prospects (Canadian Federation of Students [CFS], 2023; Canadian Publishers' Council, 2023).

High rent, food prices, and transportation costs are more than just financial inconveniences for students. They are significant barriers to academic success. These basic expenses force students, especially those from low-income or underrepresented backgrounds, to divide their attention between their studies and survival (Blazer Carr et al., 2020). Students facing housing or food insecurity may experience chronic stress, poor mental health, and an inability to engage in their academic work fully. This division of focus can lead to lower retention rates, delayed graduation, and an overall academic struggle. Programs like UC Santa Cruz’s (UCSCS) Slug Support, which addresses these basic needs, shows how essential institutions are to support overcoming these barriers to enhance student persistence and success (Blazer Carr et al., 2020).

University institutions can promote financial literacy among students by highlighting innovative financial relief strategies, such as on-campus initiatives like emergency funds, peer-led financial workshops, or partnerships with local businesses offering student discounts (Choi et al., 2024). These organizations can advocate for adopting new digital tools like budgeting apps or online courses tailored to financial literacy, which can be especially effective in helping students manage their finances and focus on supporting programs that promote self-efficacy in financial decision-making (Choi et al., 2024). Initiatives that offer students financial support, such as university refunds or remote work opportunities, can be further promoted through the club to ensure students have access to timely relief (Choi et al., 2024).

The current economic struggles can create new career paths, business models, and growth opportunities for students, especially in fields like business analytics and HR, by driving the need for innovative solutions and adaptability (Pshembayeva et al., 2022). As businesses face financial pressures, they increasingly rely on data-driven insights and strategic HR practices to optimize performance and manage resources efficiently. Students with skills in business analytics can tap into the demand to help organizations make informed decisions. HR professionals can innovate in talent management and employee development to enhance workforce productivity (Pshembayeva et al., 2022). As organizations navigate economic uncertainty, there's an increasing demand for professionals who can analyze data and drive efficiency through creative HR strategies (Johnstone, 2024). The growing importance of analytics opens doors for students to drive strategic growth through informed business decisions (Johnstone, 2024). By aligning their education with these evolving needs, students can adapt to current economic struggles and shape the future of work.

Works Cited:

Balzer Carr, B., & London, R. A. (2020). Healthy, Housed, and Well-Fed: Exploring Basic Needs Support Programming in the Context of University Student Success. AERA Open, 6(4). https://doi.org/10.1177/2332858420972619

Canadian Federation of Students. (2023, March 15). Here’s how inflation is impacting students across Canada. https://www.cfs-fcee.ca/blog/heres-how-inflation-is-impacting-students-across-canada?utm_source=chatgpt.com

Canadian Publishers' Council. (2023, March 15). Beating back inflation and supporting student success. https://pubcouncil.ca/beating-back-inflation-and-supporting-student-success/#:~:text=In%20its%20Shared%20Perspectives%20report,jumping%20by%20four%20per%20cent.

Choi, A., Stoutland, D., & Blanco, L. (2024). An evaluation of a digital financial education program and the impact of COVID-19 on financial well-being among college students. Journal of American College Health, 72(9), 3690–3702. https://doi.org/10.1080/07448481.2023.2191142

Johnstone, S. (2024). Human resource management in recession: Restructuring and alternatives to downsizing in times of crisis. Human Resource Management Journal, 34(1), 138–157. https://doi.org/10.1111/1748-8583.12512

Pshembayeva, E., Pfeyfer, N., Uaikhanova, M., & Bubenchikova, A. (2022). Career success: Analysis and development of career opportunities in students. Frontiers in Education (Lausanne), 7. https://doi.org/10.3389/feduc.2022.999541