Have you ever heard someone tell a student, "If you just stopped buying $7 lattes, you could afford a down payment on a house"? Or perhaps, "I worked a summer job in 1978 and paid for my entire degree in cash, you should do the same."
This is Financial Gaslighting. It’s when people use individual lifestyle choices to explain away systemic, structural problems. It makes you feel like your financial struggle is entirely your fault, while ignoring the fact that the math of being a student has changed fundamentally in the last 40 years.
The Math of 1980 vs. 2026
In the late 70s and early 80s, a student could work a full-time minimum wage job during the summer and earn enough to pay for their tuition, books, and most of their rent for the year.
Today, tuition has outpaced inflation by hundreds of percentage points, and rent in cities like Toronto or Vancouver often exceeds a student's entire monthly income. You cannot "lifestyle-hack" your way out of a housing crisis.
What to Ignore:
- "The Avocado Toast Myth": The idea that small "wants" are the reason you aren't rich. While cutting coffee helps, it won't fix a $20,000 tuition gap.
- "Just Work Harder": Most students are already working part-time while carrying a full-time course load. Burnout is a real financial cost.
- "Debt is Always Bad": Sometimes, "good debt" (like a student loan for a high-potential degree) is the only bridge to a better future.
Systemic Barriers are Real
Financial literacy is important, but it isn't a magic wand. Recognizing that the system is objectively harder for your generation than it was for your parents can actually reduce the shame and anxiety you feel. You are running a race with a 50lb backpack—it's okay if you're out of breath.
Taking Back Your Power
Once you stop blaming yourself for things you can't control (like the price of rent), you can focus your energy on the things you can control: applying for RAP, using a TFSA correctly, and building a debt repayment plan that works for your reality—not the reality of 1978.