Parents unprepared for children's education costs

Canadian parents are willing to pay for two-thirds of their children’s post-secondary education costs, finds a CIBC poll. But 30% don’t have a plan to save.

“With the significant cost of a post-secondary education, parents need to start saving early to help their education investments grow over time,” says Marybeth Jordan, managing director and head, CIBC Investor Services Inc.

Additional findings include:

parents in Quebec are willing to pay the highest percentage of their children’s education costs (75%);
parents in B.C. would cover 58% of the costs; Alberta 65%; Manitoba and Saskatchewan 67%; Ontario 64%; and Atlantic Canada 66%.

Here are some savings tips.

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