If you’re like many Canadian families, the realities of retirement may be causing a full scale panic, especially if you have university age children. A Leger Marketing survey discovered that:
- A surprising 92% of parents with children under the age of 18 were concerned that their retirement savings plan could be derailed.
- 29% of parents with children under the age of 18 are concerned that their own retirement could be derailed by their children’s post-secondary education costs.
Families have every right to be concerned. According to the Canadian Centre for Policy Alternatives:
- Average fees, in current dollars, have increased from $1,464 in 1990-91 to $6,348 in 2012-13.
- They are expected to climb to $7,437 in 2016-17.
According to the Association of Universities and Colleges of Canada (AUCC), enrolment at post-secondary schools is at an all-time high; a ringing endorsement as to the importance of a post-secondary education in today’s global marketplace. Since 2000 the number of full-time undergraduate students in Canada has grown by nearly 44%. The federal government estimates that 75% of new jobs in the coming decade will require post-secondary education. Who has been paying for all of these university degrees? You and I! In February, the federal government wrote off $231 million in unpaid student loans from more than 44,000 cases, which means that taxpayers are footing the bill for more than half a billion in uncollected student debt over the past few years.
Who is going to foot the bill for your child’s post-secondary education? Will you have to jeopardize your retirement savings to ensure that your child acquires the necessary skills to succeed in life? There are other ways to pay for a college education without resorting to your retirement fund or student loans. Insurance for Children has created Child Plan™ Education Achiever so that parents can help their children follow their dreams and achieve their goals in life. Contact us today and let us show you how.