Building Futures Network
Good advice for parents
Parents want the best for their kids. But juggling paying down a mortgage and saving for retirement (not to mention the cost of raising children!) can make it hard to save for education. If a parent comes to you for help, here are three simple things you can do.
1. Make it real
According to Statistics Canada, while 87% of parents surveyed said they wanted their kids to pursue post-secondary education, only 41% had put money aside for school. Some parents may be more motivated to save if they understand what school will cost.
Show them, using this simple calculator
from MoneySense. It covers current university tuition rates across Canada, other fees, and residence/meal plans. They will need to allow for rising prices (inflation) because the calculator doesn't.
Did you know? According to Statistics Canada, by 2019, a four-year university degree will cost about $74,000 and a three-year college diploma will total $45,000. (Source: Canadian Business)
2. Show them it's possible
Parents can become discouraged by the large amounts they need to save for school. Don't let them give up before they get started. Saving even small amounts can really add up over the years. Here are four tips you can give parents about how to save for education
3. Point them to programs
The government wants parents to save for their children's education, and schools want students to attend. Here are three ways parents can get help saving for education