TORONTO — Almost half of Canadian parents expect to foot the bill for a major chunk of their kids' post-secondary schooling, a new study says.
A Bank of Montreal study released Monday found that 45% of parents with children under age 18 expect to pay anywhere from 50% to 100% of their kids' future post-secondary education, with student loans, savings and scholarships making up the difference.
Parents are eyeing having to pay for tuition, books, school supplies and living expenses, found the study, which surveyed 1,000 parents coast to coast.
As well, almost 80% are concerned about the rising costs of post-secondary education, and 66% had opened a Registered Education Savings Plan (RESP) to prepare.Click the graphic to see a larger version:
"With many Canadian parents footing the bill for such a large portion of their child's university or college experience, it's not surprising that the majority are concerned about the costs," Robert Armstrong, of BMO's Global Asset Management, said in a statement.
"The total current cost for an undergraduate university degree can exceed $80,000 and is expected to surpass $140,000 by the time a child born in 2014 is old enough to enroll."
Ten per cent of parents surveyed believed they'd be on the hook for the entire cost of their children's schooling.
Twenty-one per cent expected to one day have to pay for 50% to 74%, while 14% said they'd have to cover 75% to 99%.
Alastair Woods of the Canadian Federation of Student said these pressures are indicative of an ever-present — and ever-growing — issue around post-secondary affordability.
Woods, whose organization has long called on government to rein in tuition fees, said: "It does come back to government being more proactive in dealing with this issue."