SmartSAVER Program Highlights 2016-2017
Canada Learning Bond enrollment and take-up rate continue to improve
Most recent Federal statistics (to June 30, 2017) show continued progress in CLB enrollment and take-up rate. Earlier in 2017, we celebrated the 1,000,000th child to receive a Canada Learning Bond (CLB). The CLB take-up rate across Canada is now nearing 36% and two provinces – BC and Quebec – have surpassed 40% take-up!
SmartSAVER’s partners get results
Behind the enrollment gains are the determined efforts of many community agencies, government programs and financial organizations who are raising awareness and helping families, one by one, to receive their children’s Bonds.
SmartSAVER partners with over 70 organizations across Canada.
Together, we’ve facilitated over 10,000 CLB applications through SmartSAVER’s online application. Partner and applicant surveys indicate:
• An 85% RESP opening rate among online applicants;
• A 72% success rate in applicants receiving the Canada Learning Bond;
• An $825 median value of Canada Learning Bond received; and
• 100% satisfaction among partners for SmartSAVER’s service and online application.
New research points to the impact of education savings
In a new study we published this year, researcher Andrew Parkin concluded:
“The link between family savings for PSE [post-secondary education] and PSE access and completion is clear, as is the link between savings and attitudes such as expectations for a child’s educational success. Research is now beginning to demonstrate that this link is more than just a correlation, but is also causal; that it is the presence of the savings that impacts the attitudes and behaviours.”
The Federal budget supports CLB enrollment
This year, with the support of our partners, SmartSAVER called on the Federal government to make funding available for community-based outreach and education. Our efforts succeeded with announcement in the 2017 Federal budget of $12.5 million over six years, starting in 2017-18. Funding will help more low-income families benefit from the Canada Learning Bond by working with community organizations and businesses to explore new ways to increase awareness of the program and reduce barriers to access. Contact the Canada Education Savings Program for more information.
Thank you to our foundation and financial institution partners