{"id":3633,"date":"2026-02-20T22:46:02","date_gmt":"2026-02-20T22:46:02","guid":{"rendered":"https:\/\/www.worldpumpnews.com\/?p=3633"},"modified":"2026-02-20T22:46:02","modified_gmt":"2026-02-20T22:46:02","slug":"free-room-and-board-60-of-canadian-parents-to-offer-it-during-post-secondary-national","status":"publish","type":"post","link":"https:\/\/www.worldpumpnews.com\/?p=3633","title":{"rendered":"Free room and board? 60% of Canadian parents to offer it during post-secondary – National"},"content":{"rendered":"

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New data shows that almost 60 per cent of Canadian parents plan to offer \u201cfree room and board\u201d to their children in post-secondary education, which comes amid the cost of living crunch.<\/p>\n

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The 2025 Survey of Approaches to Educational Planning from Statistics Canada \u201cgathered information from parents and guardians on the strategies they use to prepare for their children\u2019s post-secondary education, their plans for financing schooling and the barriers to saving for higher education.\u201d<\/p>\n

Nearly three-quarters (71 per cent) of parents and guardians of children under 18 years of age in Canada said they are working to save for their children\u2019s post-secondary education \u201cthrough registered or other savings vehicles\u201d in 2025, a slight increase from 2020, which sat at 69 per cent.<\/p>\n

\u201cIt\u2019s more of an eye-opener, just even for parents as to what budgeting needs to look like, what type of conversations they need to have, what type of savings that needs to be done,\u201d said Sumaiya Bhula, senior manager and a product group owner at TD Bank.<\/p>\n

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The data also shows who may be struggling to save for post-secondary education.<\/p>\n

Less than half (44 per cent) of children whose parents had a high school diploma or less had savings set aside for their post-secondary education in 2025.<\/p>\n

This proportion increased to 65 per cent among children whose parents had a trades certificate or college diploma and to 79 per cent among children whose parents had a university degree.<\/p>\n

In addition to post-secondary education savings, Canadian parents also planned to support their children in other ways.<\/p>\n

The survey states that 64 per cent of parents indicated that they would help their children pay for post-secondary education once they begin, and 27 per cent indicated that they plan to help them repay all or part of a student loan.<\/p>\n

Meanwhile, 17 per cent plan to take out loans when the time comes.<\/p>\n

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Household income also had a role to play in education savings.<\/p>\n

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In 2025, 91 per cent of children in families in the highest income quintile had savings set aside, compared with 52 per cent of children in families in the lowest income quintile.<\/p>\n

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Bhula also stated that one of the biggest gaps or challenges among some people is a \u201clack of information\u201d and not being aware of what\u2019s available to them.<\/p>\n

\u201cI think it\u2019s making sure you have a budget and a financial plan for the parents and the student,\u201d Bhula said. \u201cBecause collectively they need to be in sync and both need to think about their own financial future, but how are they supporting each other to make that whole happen.\u201d<\/p>\n

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The study also found that among children younger than 18 years with post-secondary education savings, approximately 89 per cent had a registered education savings plan (RESP) in 2025, up from 85 per cent in 2020.<\/p>\n

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While\u00a0RESPs were \u201cthe most common method of saving\u201d in 2025, bank accounts in the child\u2019s name or in-trust accounts (used by 28 per cent of parents) and tax-free savings accounts (28 per cent) were also popular.<\/p>\n