More than 25% of Canadian parents won’t be able to afford kids’ postsecondary costs, survey finds
A recent survey reveals that over 25% of Canadian parents are unable to afford their children's postsecondary education costs. The rising expenses associated with education, which can exceed $30,000 annually, have left many parents feeling financially insecure. Despite utilizing registered education savings plans, many parents are saving less than the recommended amount to secure their children's future education.
- ▪Just under a third of surveyed parents are confident they can fully cover postsecondary education costs.
- ▪27% of parents indicated they will not be able to afford their child's education.
- ▪The average cost of postsecondary education in Canada can exceed $30,000 per year.
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Open this photo in gallery:Natalie Gomez with her youngest child Juleo at their home in Brampton, Ont., on Monday.Sammy Kogan/The Globe and MailShareSave for laterPlease log in to bookmark this story.Log InCreate Free AccountWhen Natalie Gomez first became a mother, she began checking off the usual steps to save for her children’s future. The Mississauga resident enrolled them in a registered education savings plan, made regular monthly contributions and set up a life insurance policy.But a fast-changing job market and the potential for artificial intelligence to upend postsecondary education have also made it important for the mother of two to ramp up investments and focus on budgeting for extracurriculars early on.“You never know what could happen when they grow up,” Ms. Gomez said.
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