New Report: Family Savings for Post-Secondary Education
A Report on the Importance and Impact of Post-Secondary Education Savings Incentive Programs.
Prepared for the Omega Foundation by Andrew Parkin
During the past six years through our SmartSAVER program, we have talked to thousands of parents across Canada who have told us of their aspirations for their children. Their message is always the same: obtaining the best education for their children is a top priority.
We believe that higher education is also Canada’s best opportunity to counter income inequality and build prosperity.
Unfortunately, access to higher education is not equally distributed. Sixty per cent of post-secondary (PSE) students in Canada come from the richest 40 per cent of families while only 27 per cent of students come from the 40 per cent of families with the lowest incomes.
This new study finds that the link between family savings for PSE and PSE access and completion is clear, as is the link between savings and attitudes such as expectations for a child’s educational success. As Dr. Parkin, the report’s author notes, “Given what is already known about the clear link between family savings for PSE and PSE access and completion, raising the CLB participation rate should be prioritized.”