Many parents are really struggling today to save for their child’s education after paying the mortgage, utilities, food, clothing, student loans and many other monthly expenses incurred by an average young family.
How will parents every be able to save enough to provide their children with a good education in the future. A national survey by the Canadian Alliance of Student Associations found that one third of parents today are dipping into their own retirement savings to help finance their children’s post secondary education. The survey also found that more than one third of parents are taking out loans and 15% said they had or would remortgage their home to help cover their children’s education.
Grandparents who understand the financial challenges of raising families are becoming a great source of help and best of all they want to help their grandchildren. Fidelity Investments reports:
- 53% of grandparents are helping or plan to help pay their grandchildren’s college costs and they anticipate spending on average $25,000
- 35% of grandparents expect to pay $50,000 or more
- 15% of the education savings accounts that Fidelity now manages are owned by grandparents
Many grandparents want to do something now for their grandchildren rather than as simply leave them an inheritance, which may be to late since grandparents plan to live a long time; money their grandchildren can use for their education or life. InsuranceforChildren.ca empowers grandparents to create today a solid financial foundation for their grandchildren and has created Child Plan for Grandchildren to do just that.
What is Child Plan for Grandchildren? Child Plan for Grandchildren is a reliable and safe investment that grandparents can set up as early as 14 days after your grandchild is born and give it to them tax free as a gift when they start university. Child Plan™ can be used for any education program they want to pursue, or if your grandchild decides to skip college and go straight to work, it can help with the down payment on a home, as a financial asset to start their own business, even as a future source additional income to help raise their children.
Grandparents, contact insuranceforchildren.ca today for more details on how you can give your grandchild a gift that will help them for life.