When we think about the first days of September, thoughts centred around the new school year are always top of mind. But there’s one aspect of back-to-school that doesn’t involve writing supplies and new wardrobe additions: it’s about money rules.
RBC Royal Bank has issued something of an advisory for post-secondary students heading back to class, specifically those who are living in shared accommodation.
Having a roommate has always been commonplace but with rising housing costs, sharing accommodation is becoming even more prevalent.
According to census data, this living arrangement grew more than 50-percent between 2001 and 2021. It was also the fastest growing living arrangement for people between the ages of 20 and 34 in the 2021 census.
The bank says this type of living arrangement is more affordable but it also means shared financial responsibilities, including sometimes uncomfortable conversations about who pays for what.
To help smooth those waters, the bank has produced what it calls the Roommate Money Guide outlining some basic rules and how to plan for the inevitable ‘what ifs.’
