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Parents want to pay for kids’ college, but not ready: poll

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VANCOUVER (NEWS1130) – Most Canadian parents want to pay for their kids’ college and university, but many aren’t ready for the reality of ponying up tens of thousands of dollars.

Parents of post-secondary-aged students, on average, are willing to pay for two-thirds of their kids’ education costs, according to a Leger poll for CIBC.

Within that group, 21 per cent say they will pay for the entire cost of their children’s education, 39 per cent say they will cover at least half, and six per cent of parents say they won’t pay a penny. But among those willing to pay, 30 per cent had no plan for how they will cover the tab.

“It’s clear that parents have the best of intentions to help their children get an education and support them financially in doing so,” says Marybeth Jordan, Managing Director and Head, CIBC Investor Services Inc. “However, with the significant cost of a post-secondary education, parents need to start saving early to help their education investments grow over time.”

Advisors suggest setting up a registered education savings plan as early as possible.

“If you haven’t taken the time to think about how much you are going to put towards your children’s education, you may be less likely to take action, and that can make it more challenging later to come up with the money,” says Jordan. “The earlier you make the decision to start saving, the easier it will be to make regular contributions each month.”

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