Contributing to post-secondary tuition builds confidence: poll

Parents who will soon begin receiving the new federal Canada Child Benefit (CCB) will be using 37% of the benefit, on average, to pay for their day-to-day expenses while 22% will be put toward savings for their children’s post-secondary education, according to a poll conducted on behalf of Toronto-based Knowledge First Financial Inc., a provider of registered education savings plans.

The remainder of the benefit would be divided among child-care expenses (16%), extra activities (14%), family vacations (5%) and other purposes (6%), the latter of which were undefined.

The CCB rolls out on July 20 and replaces existing programs that provide financial assistance to families with children under the age of 18, including the Canada Child Tax Benefit and the Universal Child Care Benefit.

Seven in 10 survey participants agree that the CCB will help families save and invest for their child’s future needs. Three in 10 (29%) parents say that the most important reason post-secondary education is worth the investment is because it’s a basic requirement in today’s job market. Others believe the most important reason is because it helps to develop practical skills as well as job skills (23%), analytical skills (18%) and helps gain life experience and personal growth (16%).

Ipsos conducted the online poll using a sample of 1,001 Canadians whose children still live at home. The gathering of the research occurred between June 30 and July 6.

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