Balancing everyday expenses like groceries can make it tough for families to prioritize RESP savings. According to a recent survey, while half of Canadian parents have opened an RESP, nearly as many—45%, including parents with older children—wish they had started sooner. It's clear that post-secondary education is seen as essential for long-term financial security by 84% of Canadians, yet 51% of parents are feeling anxious about their finances. Rising grocery bills (noted by 60% of parents), lagging salaries (47%), and housing costs (41%) are the main hurdles to saving for education. The challenge doesn’t end there: 60% call education savings difficult, 70% find major purchases a stretch, and 68% say retirement saving is tough. As a Financial Advisor with a passion for financial education, I always encourage families to have ongoing conversations about their education savings goals—not only within the household, but also with relatives and trusted professionals. There are government grants and incentives designed to support modest-income families across Canada, and understanding these options can make a real difference for your children’s future.
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