The universal worry: Can we afford our children’s future?

Rarely do I come across something that feels universally consistent across both worlds. But I think I’ve found it: The worry parents carry for their children.

That worry takes many forms. We worry about their health, their happiness, their safety. We question whether we are doing enough, whether they have everything they need, and whether the decisions we are making today will serve them well tomorrow. It is a constant undercurrent—one that evolves as they grow, but never really goes away.

And while those worries vary from family to family, there is one concern that seems to cut across cultures, geographies, and stages of life: the financial future of our children.

For some, that concern starts even before parenthood. Many prospective parents delay having children because they don’t feel financially ready. For others, it shows up in the day-to-day—wondering if they are earning enough, saving enough, or doing enough to provide the life they envision for their family. For newcomers, that concern is often amplified by the uncertainty of starting over in a new country, where the rules are different and the margin for error can feel smaller.

One area where this worry becomes especially tangible is education. It is, in many ways, a universal concern—and in today’s environment of rising costs, inflation, and global uncertainty, it feels more pressing than ever.

Parents are saving, but confidence is still low

Recent findings from the Early Parent Readiness Report by Embark highlight this tension clearly.

On the surface, the data is encouraging. Parents are taking action: nearly three-quarters (73%) have opened a registered education savings plan (RESP) or are saving for their child’s future education, and awareness of government matching programs like the Canada Education Savings Grant sits at 74%.  

But the confidence behind that action tells a different story. Only 33% of parents say they are confident they can fully pay for their child’s post-secondary education, while 27% believe they will not be able to afford it at all and another 26% expect it will be financially tight.  

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At the same time, while 36% of millennial parents have managed to save $5,000 or more, nearly a third (32%) have not started saving at all. 

That gap between intention and confidence is where the real story lies. Parents are trying, saving money and making trade-offs, but many are not convinced it will be enough.

Understanding the RESP, and why it matters

Canada offers a structured way to prepare for this: the aforementioned RESP. At its core, an RESP is a tax-advantaged savings account designed to help families save for a child’s post-secondary education. Contributions grow tax-free, and the government provides additional support through programs like the Canada Education Savings Grant (CESG), which matches a portion of what you contribute.

When we moved to Canada, investing in an RESP felt like a no-brainer. I remember a friend walking me through it in my early days here, and his advice was simple: if for nothing else, do it for the “free money.” On a $2,500 annual contribution, the government adds $500, which effectively gives you a guaranteed 20% return before you even factor in investment growth.

There are not many places where that kind of return exists.

But beyond the math, it represents something more meaningful. It is one of the few ways to proactively address a future expense that can otherwise feel overwhelming, particularly as the cost of post-secondary education continues to rise across the country.

The emotional side of planning for education

I recently asked my wife what her biggest concern is when it comes to our child’s future education, and her answer was simple: that whatever we set aside will never be enough.

I suspect that sentiment resonates with many parents.

Even with structured savings, government incentives, and careful planning, there is an underlying uncertainty. Costs continue to rise, timelines stretch over decades, and there are simply too many variables outside of our control.

Some parents take a different view and expect their children to contribute, whether through part-time work, scholarships, or student loans. There is nothing inherently wrong with that approach, but it does raise an important question: if we have the ability to reduce that burden, should we?

Because student debt is not just a financial obligation. It shapes early career decisions, delays major life milestones, and introduces financial pressure at a stage of life that is already filled with uncertainty.

In Canada, student debt is widespread. Millions of Canadians carry student loans, and the average debt for graduates can easily run into the tens of thousands. More concerning is that younger Canadians are increasingly vulnerable to financial distress; insolvency filings among those under 35 have been rising in recent years, highlighting how early debt can compound broader financial challenges.

For many parents, the goal is not necessarily to cover every dollar of future costs, but to create enough of a foundation that their children have options and are not starting their adult lives under financial strain.

From intention to action

One of the more telling findings from the report is how parents prioritize financial decisions in the present. When asked what they would do with an extra $2,500, 22% said they would save it and 20% said they would pay down debt. Far fewer prioritized immediate spending on things like baby essentials or housing.  

That signals something important. Parents are not ignoring the future; they are actively trying to balance today’s financial pressures with tomorrow’s needs, often making disciplined decisions even when it is not easy.

At the same time, the report highlights the reality of those pressures. Most new parents report spending between $500 and $999 per month on their child, while more than a third have received financial help from family to make it work.  

This is not a story of careless spending; it is a story of careful navigation.

Practical advice for parents

I am not an expert. Like most parents, we are doing the best we can with the information we have and the resources available to us. So, I reached out to Andrew Lo, CEO of Embark, for a few practical tips parents can follow when thinking about education savings.

1. Start saving early to maximize long-term growth. Start saving as soon as you plan to have a child. Even setting aside as little as $5 a week can go a long way. Make it a habit by automating your contributions to avoid missing out.

2. Take advantage of government grants. Don’t leave money on the table. Know what you’re eligible for, as each province may have different programs. Applying for grants early allows money to grow through compounding interest.

3. Encourage family and friends to support. Instead of traditional gifts, invite family and friends to contribute toward savings goals. Small contributions for birthdays or milestones can add up over time and help you reach financial goals faster.

A shared reality

For all the differences that exist between cultures, countries, and financial systems, this is one area where the experience feels remarkably similar. Parents everywhere worry about their children’s future.

In Canada, there are tools, systems, and supports designed to help ease that burden, but even with those in place, the uncertainty does not disappear entirely.

And maybe that is the point. This is not about eliminating the worry. It is about doing what you can, with what you have, to create a better starting point for the next generation. Because if there is one thing that unites parents everywhere, it is this: we may not be able to control the future, but we will do everything we can to prepare our children for it.