News & Notices

CANADIANS WORKING LONGER TO FINANCE KIDS' EDUCATION

Posted: July 29, 2014

Many parents are responsible and well intentioned and, as a result, have invested significant sums in their kids' Registered Education Savings Plans (RESPs).  However, according to a recent survey by a major Canadian financial institution, 60% of Canadian parents with children under the age of 25 are putting their own retirement goals on the backburner, to help pay for a child's schooling.  Fully a third of parents surveyed even took on debt to help fund their kids education.

There are several reasons that parents are forced to put themselves into this uncomfortable position.  These include a tough job market, rising education costs, and increasing pressures on students to take on additional studies, such a advanced degrees.  However, the most important reason is that many parents wait too long before starting to put money aside.

Make sure that does not happen to you.  Talk to us about balancing your savings for your children's education and your own future.

Cam Ecclestone has a financial planning practice in Collingwood and specializes in written financial plans, insurance and estate planning.  He can be reached at 705-444-6195 or camecclestone@gmail.com

Cam has also decided to run as a councillor in Collingwood.  Visit his website to access his profile and Platform.  www.camecclestone.ca

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