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July 2004
Vol. 5, no. 7

Perspectives on Labour and Income

Saving for postsecondary education
Sophie Lefebvre

  • In 2002, half of children under 19 had an average of $8,600 put aside for them by their parents for postsecondary education.
  • Higher-income families saved more than lower-income families, but half the difference was explained by factors other than income.
  • Children in mortgage-free homes had greater savings than those from mortgaged or rented homes.
  • Regardless of income level, children whose parents were aware of the Canada Education Savings Grant had significantly more savings than those whose parents were unaware of the program.
  • Parents who expected their child to receive grants for postsecondary education based on financial need saved significantly less. Almost a third of all children under 19 had parents who expected them to receive such assistance, even though it is likely that many will not.

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Author
Sophie Lefebvre is with the Income Statistics Division. She can be reached at (613) 951-5870 or perspectives@statcan.gc.ca.


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