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 85 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 7,200 Canadian dollars over the life span of the plan.
Most common financial products for savings for children's postsecondary studies in Canada in 2020
* 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.
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StatCan. (September 24, 2020). Most common financial products for savings for children's postsecondary studies in Canada in 2020 [Graph]. In Statista. Retrieved November 21, 2024, from https://www.statista.com/statistics/1219981/most-common-products-for-saving-for-postsecondary-studies-canada/
StatCan. "Most common financial products for savings for children's postsecondary studies in Canada in 2020." Chart. September 24, 2020. Statista. Accessed November 21, 2024. https://www.statista.com/statistics/1219981/most-common-products-for-saving-for-postsecondary-studies-canada/
StatCan. (2020). Most common financial products for savings for children's postsecondary studies in Canada in 2020. Statista. Statista Inc.. Accessed: November 21, 2024. https://www.statista.com/statistics/1219981/most-common-products-for-saving-for-postsecondary-studies-canada/
StatCan. "Most Common Financial Products for Savings for Children's Postsecondary Studies in Canada in 2020." Statista, Statista Inc., 24 Sep 2020, https://www.statista.com/statistics/1219981/most-common-products-for-saving-for-postsecondary-studies-canada/
StatCan, Most common financial products for savings for children's postsecondary studies in Canada in 2020 Statista, https://www.statista.com/statistics/1219981/most-common-products-for-saving-for-postsecondary-studies-canada/ (last visited November 21, 2024)
Most common financial products for savings for children's postsecondary studies in Canada in 2020 [Graph], StatCan, September 24, 2020. [Online]. Available: https://www.statista.com/statistics/1219981/most-common-products-for-saving-for-postsecondary-studies-canada/
