By Adel Ahmed
With gas prices at record-highs, Canadians are seeing rising costs for basic necessities. Statistics Canada reports that the inflation rate has risen to 5.7 per cent. That’s the highest it’s been since August of 1991. The rising prices affect many Canadians, but some NAIT students are worried about their financial future.
“Being a full-time student takes a toll on [your savings],” said Kayle Bellwood, second-year Radio & Television student.
“I had a set amount of money set aside for school. With inflation, it’s draining faster than I predicted.”
As Bellwood’s program is almost complete, his last requirement is to find an internship. Typically in the Radio and Television program, students move away for their placements. However, with the cost of living, gas and food going up, Bellwood is unsure if he is prepared to move away right now.
“It’s a concern because it’s more than I have to budget for because I have to decide if I’m going to do my placement in the fall,” said Bellwood.
“Do I work all summer to build up more money? Do I take a break and relax, or am I forced to have to work so that I can live to go to practicum? Those are some of the things I have to think about.”
The price of food is also affecting people across the country. CBC reports that food purchased at stores has become 7.4 per cent more expensive than last year, the highest in the category since 2009.
For Bellwood, prices rising on essential needs like food has made him do something he’s never done before.
“I had to take out student loans for the first time. I thought I had enough set-aside, but inflation really messed with me, and then I couldn’t pay anything else.”
Although Bellwood doesn’t have to worry about costs like his residence and transit pass since those were paid for before the start of the semester, he’s optimistic with June coming around that his expenses, in general, will jump back down.