Study looks at financial stability of university students, families [Video]

As the cost of living and education prices rise, a new survey shows parents are the ones footing more of the bill in order to cover their kids’ basic needs.

Parents are spending more when it comes to helping their kids get a college or university education and according to the TD Bank survey, it’s putting households under significant financial pressure.

“I think it’s very expensive here in Halifax,” said Dainty McDonald-Byrd, who drove her daughter, Kalifa, from Winnipeg to attend Dalhousie University. “We’ve already paid more than $2,000 for our travel.”

• Download the CTV News App for breaking news alerts and video on all the top stories

Kalifa is studying science and says she will rely on her mother to pay half her education but is thankful she received an academic scholarship. However, she says that won’t cover all tuition.

“I thankfully have support from my mom here,” said Kalifa. “But I am trying to remain independent and pay …