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.
Profit from the additional features of your individual account
Currently, you are using a shared account. To use individual functions (e.g., mark statistics as favourites, set
statistic alerts) please log in with your personal account.
If you are an admin, please authenticate by logging in again.
Learn more about how Statista can support your business.
StatCan. (September 24, 2020). Most common financial products for savings for children's postsecondary studies in Canada in 2020 [Graph]. In Statista. Retrieved December 22, 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 December 22, 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: December 22, 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 December 22, 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/
