Parents not saving for future - MoneySense

Parents not saving for future

Young families, mired in debt, can’t save for tomorrow.

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Many Canadian parents are not planning ahead when it comes to their child’s education, a recent RBC poll revealed.

The survey found that 44% of young families are not saving for future schooling costs, while 42% with children under the age of 12 are not taking complete advantage of their tax savings.

The biggest obstacles these families are facing, says RBC, is paying down debts and living paycheque-to-paycheque. The bank recommends things like opening a RESP or TFSA as smart ways to start saving.

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