A Phase 5 study completed for strategic communications agency Agnostic on behalf of their client Knowledge First Financial (KFF) in November 2020 found that "One-third of Canadians are having difficulty saving for their child's post-secondary education since COVID-19". As Canada's largest RESP company with not-for-profit ownership, KFF wanted to better understand the effects of the pandemic on families' ability to prepare for and manage the education experience.
It's not only saving for the future that is challenging, it is managing the present school situation (e.g. kids' stress, motivation, grades, disappointment), and for 1 in 4, it's also the stress of potentially changing plans for their child's post-secondary education. Plus 79% say they are "concerned about the prolonged impact of COVID-19 on their child's educational development". Stress abounds.
KFF President and CEO Carrie Russell reminds readers, "For the last 55 years, we have committed to educate and help families across Canada save for their child’s future." And with the insights from this study, the organization can continue to adapt to the times and help "ease parental worries and student stress.”
For example, for budgets that are stretched more than ever, KFF is coaching families on how to maximize government grants and leverage tax savings opportunities. They also demonstrate the long-term benefits of starting to save early, even with small contributions.
Visit their press release for more info on KFF and their findings from the November Phase 5 study.