A new baby in the family brings many hopes, dreams and expectations. This can often include thoughts about how their lives can be better than that of their parents. And that often includes hopes about careers and the education that goes with them. It is also the time to start planning how to finance the education needed to fulfill those hopes and dreams.
Statistics Canada1 estimates the total Canadian average tuition cost today – of a four-year Canadian undergraduate degree – is about $30,000 for students living at home. Parents of newborns can expect those costs to increase to over $50,000 by the time they go to university in 18 years. The costs can be much higher for professional degrees.
There was a time when Boomers went to university and could pay the entire cost of their schooling with summer jobs, part-time jobs and maybe some modest student loans. Parents may have needed to contribute some money to support their children’s ambitions. That is no longer the case today. Smart parents start early when it comes planning for their child’s future educational needs.