Funding children’s post-secondary education is overburdening parents, a new survey says.
In a new survey conducted by Embark, parents stated that they are stretching themselves too thin in order to pay for their children’s education. Over 1,000 parents across Canada were surveyed in mid-May.
The survey also found that 81 per cent of parents in Canada feel responsible for paying for their kid’s education. This feeling reportedly stems from the fear of their children not being able to pay, or being at higher risk of dropping out.
“The government, for instance, gives parents money to put towards their child’s education when saving in a RESP with grants like the Canada Education Savings Grant” according to a media release from Embark. The government has tried to put many other things in place to help families with saving like the Canadian Learning Bond.
The rising cost of living was also a key finding in the survey. Seventy-three per cent of parents said they feel that inflation and higher costs make it harder to save for their child’s education. Forty per cent said they have stopped saving altogether.
The survey shows suggests that some parents are choosing their children’s financial freedom over their own. Results show that the burden of funding post-secondary education will impact a parent’s perspectives on having more kids and having to decide whether to go into debt.
“The best saving plan is a realistic saving plan.” according to Embark, telling parents that even a small amount goes a long way. The company went on to say that parents should not go into debt to save for their child’s school. Saving within your means and even a small amount like 50 dollars a month can go a long way, according to the release done by Ebmark.