Seven in 10 parents saving for children’s education

Seven-tenths (71%) of parents were saving for their minor children’s post-secondary education in 2025, up slightly from 69% in 2020, according to Statistics Canada’s educational planning survey.

Among those making post-secondary education savings, 89% used an RESP, up from 85% in 2020. This was followed by bank accounts in the child’s name or in-trust accounts (used by 28% of parents) and tax-free savings accounts (28%).

Over half (51%) of parents who said they weren’t saving for their children’s post-secondary education intended to start later. The most common barriers were day-to-day expenses (54%), preferring to pay education costs when the time comes (33%) and existing debt payments (27%).

A majority (64%) of parents said they would help children pay for post-secondary education once they begin and 27% indicated that they plan to help them repay all or part of a student loan. Three-fifths (59%) also plan to offer free room and board or use of their car.

Parents with more education and income are more likely to support their children’s educational costs. Just 44% of parents who had a high school diploma or less had savings for their children’s post-secondary education, compared to 65% among parents who had a trades certificate or college diploma and 79% among parents who had a university degree.

For families in the highest income quintile, 91% had savings set aside compared to 53% of families in the lowest income quintile.

The statistical agency said a future iteration of the survey will dig deeper into the relationship between parental education and income and education savings.

Jonathan Got

Jonathan Got is a reporter with Advisor.ca and its sister publication, Investment Executive. Reach him at jonathan@newcom.ca.