How Canadians are managing their money
These numbers highlight some of the financial challenges Canadians face today. Explore insights and what the data mean for programs, policies, and people.
Opens in new tabFinancial Consumer Agency of Canada (FCAC)
Data storySaving for children’s post-secondary education
What the Canadian Financial Capability Survey tells us:
In 2024, 43% of Canadian parents or caregivers1 reported having a Registered Education Saving Plans (RESP) for their child or children.2
Recent data from the Canadian Financial Capability Survey (CFCS) reveal that many Canadian parents and caregivers are helping or intend to help their children with post-secondary education, but the ways they choose to do so vary. RESPs are an important tool. They are long-term savings plans that help Canadians save for a child's education after high school, including at trade schools, CEGEPs, colleges, universities, and apprenticeship programs. The Government of Canada offers savings incentives in RESPs, including the Canada Learning Bond and the Canada Education Savings Grant, which can help Canadians grow their RESP savings more quickly.
According to the CFCS, in 2024, 29% of Canadians were financially responsible for children. Of those Canadians, 43% reported having an RESP for their child or children, 55% reported not having any RESPs, and 2% chose not to answer this question.
When it came to helping with children’s post-secondary education without any RESPs, parents and caregivers reported planning to:
use employment or pension income (29%)
use savings other than an RESP (25%)
co-sign student loans (20%)
use other means
Of the other CFCS respondents who were financially responsible for children, 12% did not know if they would help finance post-secondary education, and another 12% did not plan to help with their children’s post-secondary education.
Of those who had RESPs, many start these savings plans when their children are young, in order to build education savings over time. The data showed that parents and caregivers who struggled with finances were less likely to have RESPs for their children. Likewise, some specific groups3 of parents and caregivers were less likely to have RESPs for their children, including people who were older, people with lower education or income, new immigrants, people living with a disability, and/or residents of the Atlantic provinces.
While parents and caregivers need to take the first steps to save for their children’s education, we can offer support by building and responding to diverse needs, and working with Canadians to help their savings grow.
25%
of parents and caregivers said in 2024 that they expected to use savings other than a Registered Education Saving Plan (RESP) to help fund their children’s post-secondary education.
"I'm so happy I was able to get [an RESP] for my sons. Even if I don't have much extra money right now, this is one way I can help prepare for their future.”
– Maria, mother of two
29%
of parents and caregivers said in 2024 that they expected to use employment or pension income to help fund their children’s post-secondary education.
20%
of parents and caregivers said in 2024 that they expected to co-sign a student loan for their children’s post-secondary education.
Taking action to save for children’s post-secondary education
Use and share these trusted, unbiased Government of Canada resources in your work and with your community and networks.
Set an education savings goal
Setting savings and investment goals helps you create a plan to prioritize, manage, and grow your money. This webpage includes information on savings options other than RESPs.
FCAC’s free Financial Goals Calculator helps you calculate how to reach your savings goals.
Find resources to help you reach your savings goal
Student aid and education planning provides information to help you budget, save, plan for an education, and access financial support programs.
- Learn about education in Canada provides specific information to newcomers.
Education funding for people with disabilities includes links to services, benefits and programs that assist people with disabilities and their families.
Registered Education Savings Plans (RESPs) and related benefits explains how RESPs help you save for post-secondary education and access benefits like the Canada Learning Bond and Education Savings Grant. Find out more about the value of these benefits, and learn how much money benefits could add to the Registered Education Savings Plan.
Plan for the long-term
FCAC’s Budget Planner is a free interactive tool that helps you create a personalized budget and stay on track with your financial goals
Teaching children about money offers tips and resources for families, to help children understand money.
Talk about education expenses
Talk to children about the financial considerations of student life, including tuition and student fees, books and other course materials, living expenses, and other costs that can arise.
- Managing your budget as a student provides information on budgeting, managing expenses, understanding tax benefits, and repaying different types of student debt, while also protecting your credit score.
About the data
Where the data come from
Everything in this tool is based on real responses from people across Canada. The data:
- come from the Canadian Financial Capability Survey (CFCS)
- were collected by the Financial Consumer Agency of Canada (FCAC)
- cover topics like budgeting, saving, debt, and long-term planning
- are used to understand how people manage money and where support is needed
More data stories and insights
Read more data stories about the financial challenges and commitments Canadians face today.
All data stories
Footnotes
“Canadians” refers to people who live in Canada, even if they are not citizens. Parents and caregivers are those who reported in the survey being financially responsible for any children living in their household or currently living somewhere else.
RESP ownership in this data story is calculated among parents and caregivers (as defined above) based on the 2024 Canadian Financial Capability Survey (CFCS) data. Employment and Social Development Canada (ESDC) also uses administrative data to calculate the percentage of children who receive education savings benefit payments (that is, the Canada Learning Bond and the Canada Education Savings Grant) in their RESP. For more information, please see: Employment and Social Development Canada. (2025-08-05) Canada Education Savings Program: 2024 Annual Statistical Review. Canada.ca. https://www.canada.ca/en/employment-social-development/services/student-financial-aid/education-savings/reports/statistical-review.html
- Statistical testing confirmed that the difference for these groups was significant, with a p‑value below 0.05 (i.e., the difference in percentages is unlikely to be due to chance or random factors).
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