Half of Canadian parents anxious about education savings
The findings, released August 19, 2026, point to a persistent knowledge and action gap that financial advisors and wealth planners are well-positioned to help address.
Knowledge gaps holding families back
One of the starkest findings in the CST Foundation report concerns financial literacy.
While eight-in-10 Canadians report familiarity with Tax-Free Savings Accounts (TFSAs), that figure drops sharply to two-thirds for RESPs, a product uniquely suited to education savings and one that comes with the benefit of the Canada Education Savings Grant (CESG), a federal government matching contribution of up to 20 per cent on the first $2,500 contributed annually.
Only 17 per cent of parents say they feel very knowledgeable about education savings methods, suggesting a significant opportunity for advisors to engage clients on a topic where guidance is clearly needed.
Sixty per cent of parents describe saving for their children’s education as a major or moderate challenge, citing groceries (60 per cent), stagnating salaries (47 per cent) and housing costs (41 per cent) as the primary barriers. The cost-of-living squeeze is hitting this cohort harder across the board: 70 per cent of parents say they struggle more than other Canadians to save for major purchases, while 68 per cent say the same about retirement.
