Grocery bills stall education savings as half of parents skip RESPs: survey
Parents were the most informed group on education saving, though only 17 percent described themselves as very knowledgeable.
Grandparents and prospective parents were less familiar with the savings vehicles available than parents even as 23 percent of parents expect grandparents to contribute to their child’s education and 29 percent expect their children to contribute.
More than half of Canadians (52 percent) turn to financial professionals such as planners, advisors, and accountants for financial advice, ahead of family members (30 percent) and friends or peers (22 percent).
Families need better information about the savings vehicles available to them and should discuss education savings with relatives and professionals, Lewis said.
He pointed to government grants and incentives such as the Canada Learning Bond, aimed at modest to low-income families, as entry points for parents.
