Forget that empty nest: If the high-school student in your home is already dreaming of dorm life next year, it’s probably the too-empty bank account that has you worried. You aren’t alone: According to a new national survey, two-thirds of Canada believe that post-secondary education has become too expensive.
These days it costs about $60,000 to send a child to university for four years (and much more if you’re dreaming of med school). And the poll, conducted by the Bank of Montreal, found that only 21 per cent of families with children under the age of 18 are confident they can afford it.
Many aren’t saving for it: Only 52 per cent of Canadian parents have contributed to an RESP Ottawa’s education savings program, and most of those contributions won’t be enough to cover the cost. (To get the grim calculations on how much you’ll need visit tdcanadatrust.com.)
But if worry loves company, Canadians can commiserate with families south of the border. A Gallup poll released Tuesday in the United States found that 60 per cent of American parents had set aside some money for university, but the percentage of people who expected to cover the full costs or at least half had dropped slightly.
American moms and dads were also feeling more anxious about tuition hikes: 21 per cent said setting aside money for college was their most important savings goal, up from 14 per cent in 2009. Nearly one quarter said they expected to raid their own retirement fund to get their kids through school – counting, presumably, on a nanny suit in the basement.
For other sources of post-secondary cash, try the Money Finder at GlobeCampus.ca.
