is canadA’s love for hockey chipping away at our savings?
THE DEBT DATA
- 29% of Canadians say they or someone they know are borrowing money to put a child in extracurricular activities.
- 16% say they or someone they know are deferring or using their retirement savings to put a child in extracurricular activities.
WHAT COMES FIRST – EDUCATION OR HOCKEY?
- 61% of Canadians agree that it’s important for parents to start saving for their child’s post-secondary education before spending money on extracurricular activities like hockey.
- Half of parents have invested in a Registered Education Savings plan (RESP) to help their children manage the costs of post-secondary education. (Canada Education Savings Program – Annual Statistical Review 2015)
THE GOOD OLD HOCKEY GAME – OR NOT?
- Over half (60%) of Canadian parents feel that every child should have the chance to play hockey if they want to because it’s part of growing up in Canada. This is similar to last year’s results (57%).
- 1 in 3 Canadians (34%) say either they or someone they know is pulling kids out of hockey and other activities because of the cost.
WHAT DOES ALL OF THIS MEAN?
- Canadians are still struggling to find a balance for their kids. The majority continue to take drastic measures to be able to juggle their priorities like going into debt or pulling their kids out of activities.
- Nobody should have to choose between activities and education – both enrich a child’s life. There’s a way to make both a priority – careful planning.
Sources: 2016 Leger Survey for C.S.T. Consultants Inc.
The Leger survey of 1,537 Canadians was conducted October 19 to October 22, 2015, using Leger’s online panel, LegerWeb. A probability sample of the same size would yield a margin of error of +/- 2.5%, 19 times out of 20.