TORONTO – The majority of Canadian children have money set aside for post-secondary education, a new survey from Statistics Canada shows.
But the amount Canadians are saving for school has not increased over the years, despite steadily rising tuition fees.
READ MORE: How parents can help save for their child’s post-secondary education
The StatsCan survey looked at Canadian children ages 17 and younger. It found that nearly seven in 10 kids (68 per cent) have savings for post-secondary schooling. The results are nearly identical to results from a 2008 survey where 70 per cent of children had savings set aside.
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The amount of money set aside was relatively unchanged as well. In 2013, the average child had $10,253 stowed away in a Registered Education Savings Plans (RESP), compared to $10,217 in 2007 (in 2012 dollars).
This flat lining of savings over the past few years runs in contrast to tuition fees that have steadily increased across the country.
READ MORE: Here’s where you’ll pay the lowest (and highest) tuition in Canada
The average tuition for undergrad students in the 2014/2015 school year was $5,959, compared to $5,767 the previous year and $5,586 in 2012/2013.
What did change was the amount of money parents are filtering into RESPs. In 2013, 77 per cent of Canadian children had their savings in a RESP, compared to 69 per cent in 2008.
The newly-released data compiled by Statistics Canada came from the November 2013 Survey of Approaches to Educational Planning. The survey looks at more than 9,000 children ages 17 and younger. In most cases, the child’s parents answered survey questions for them.
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