The poll by Léger surveyed 1,000 parents across Canada and found that while Canadians are highly driven to save for their children’s education and understand the value of financially supporting their kids, current economic realities have forced many to make difficult decisions.
According to the poll, 81 per cent of parents believe it is their duty as a parent to help their child pay for their education and 52 per cent of parents polled would go into debt to pay for their child’s education.
“At Embark, we understand the immense pressure Canadian parents face when it comes to providing financial support for their children’s post-secondary education. The decisions made about education, whether it’s a university program or a trade school, have a significant impact on the rest of their lives,” said Andrew Lo, President and CEO of Embark,
“That’s why we believe in our mission to make education more accessible to Canadians and help every family confidently navigate their post-secondary journey.”
When asked, 89 per cent of parents polled stated they would like their children to pursue a post secondary education, with 92 per cent expressing it would open doors for their kids.
“We firmly believe that every Canadian family deserves access to a high-quality post-secondary education, and we are dedicated to making this a reality,” said Lo.
“To accomplish our goal of empowering Canadians to realize their full potential, Embark offers a range of innovative technology, tools and resources designed to help families save for their child’s education. Our team of experienced professionals works tirelessly to deliver tailored solutions that meet the specific needs of each family, ensuring they can achieve their goals without suffering financial hardship.”
While times are tough, there are people out there that are always willing to help. The government, for instance, gives parents money to put towards their child’s education when saving in a RESP with grants like the Canada Education Savings Grant (CESG). The CESG can give families an extra 20 per cent in education savings on their first $36,000 contributed, if they save correctly.
However, only 46 per cent of Canadian parents polled knew about the CESG and even fewer (27 per cent) knew about the Canada Learning Bond, which is designed to help households with modest incomes help afford an education for their child.
Embark helps families understand what they are eligible to receive and collects the funding for them, making sure families get the most out of their savings.
Parents should never feel like they are on their own when saving for their children’s education. Embark helps approximately 600,000 Canadians every year with their RESPs. The Embark Student Plan is tailored to a child’s age and eases the burden on parents by maximizing every dollar in their RESP, automatically applying for government grants.