Almost half (47%) of Canadian parents surveyed with children under 18 say they expect to spend less than
Spending on summer entertainment and activities was also low this year with most families staying on budget. In general, 64% of Canadians 18+ and 65% of parents surveyed expect to have spent less than
Instead, parents are focusing on building their savings – education savings, to be precise. 85% believe it's more important to contribute to their child's education savings plan before buying the latest gadgets and accessories this back-to-school season, and only 28% say they aren't planning on putting money into an RESP. Similarly, only a small portion of parents say they'll spend more on after-school activities (24%), the latest technology and gadgets (12%) and back-to-school supplies (25%) than RESPs.
"Families are clearly sticking to their budgets and focusing on the future. The average cost of a year's tuition at a Canadian university in 2013/2014 was
Other survey findings:
•81% of parents say they didn't have to borrow money to pay for summer fun this year •Only 24% of parents say they know someone who isn't contributing to an education savings plan this back-to-school season •87% of parents say it's important to help pay for their child's post-secondary education
The Leger survey of 1,502 Canadians 18+ (with a sample size of 436 parents with children under the age of 18) was conducted between
Focused exclusively on growing and protecting its planholders' savings, CST currently manages
For more information about RESPs at CST, visit www.cst.org, follow us on Twitter at @CSTConsultants and like us on Facebook .
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