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Most common financial products for savings for children's postsecondary studies in Canada in 2020

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Source

Release date

September 2020

Region

Canada

Survey time period

February 4 to June 20, 2020

Special properties

Parents and guardians of children aged 0-17

Supplementary notes

* Among children with savings set aside.
Adapted from Statistics Canada, 150.statcan.gc.ca, February 4 to June 20, 2020. This does not constitute an endorsement by Statistics Canada of this product.

Citation formats

Preferred methods to save for postsecondary studies Canada 2020

Published by ÌÇÐÄÆƽâ°æ Research Department, Mar 9, 2021
As of 2020, the majority of parents and guardians of children aged 0 to 17 in Canada declared that they have savings for postsecondary studies. The most common financial product for this purpose appeared to be a Registered Education Savings Plan (RESP), indicated by ** percent of those who are saving for their children's education.

A Registered Education Savings Plan (RESP) is an investment account dedicated to savings for a child's education. The advantage of this kind of investment account is that it is tax-free and the government helps savers with a contribution of up to Canadian dollars over the life span of the plan.
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