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With almost one-third of parents not saving for their child’s post-secondary education, advisors could help take advantage of the options available

By Leah Golob |

Despite a substantial increase of 40% in tuition costs over the past decade, many parents are still not taking full advantage of the benefits that registered education savings plans (RESPs) make available, according to Vancouver-based WealthBar Financial Services Inc.

In fact, 31% of parents are not saving for their child's post-secondary education whatsoever, according to a recent survey from Mississauga-Ont-based Knowledge First Financial Inc.

"We've heard from parents over and over again that they wished they started saving sooner or saved more each month," says George Hopkinson, president and CEO of Knowledge First. "Contributing early and often to an RESP is the best action a parent can take to prepare for the rising cost of post-secondary education."

This is especially helpful for students as a lack of post-secondary savings can result in serious consequences, Hopkinson adds: "No parent wants to see their child carry massive student debt after graduation."

View the slideshow for some suggestions to share with parents to maximize their child's RESP:
 

Making the most of RESPs

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Making the most of RESPs


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