Saving for postsecondary education
- 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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Sophie Lefebvre is with the Income Statistics Division. She can be reached at (613) 951-5870 or firstname.lastname@example.org.
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