Welcome!

News Feed Item

Saving trumps spending for Canadian parents this back-to-school season

TORONTO, Aug.19, 2014 /CNW/ - Parents are getting the message to stop spending and start saving for their kids. According to a survey conducted by C.S.T Consultants (CST), one of Canada's largest RESP providers, parents are focused on long-term savings and won't be spending the big bucks on fancy technology, gadgets or school supplies this back-to-school season.

Almost half (47%) of Canadian parents surveyed with children under 18 say they expect to spend less than $200 on back-to-school items, with one-third of moms (33%) planning to spend less than $100. Despite all the hype from retailers, more than three-quarters (79%) of parents say they don't feel any pressure to buy new things.

Spending on summer entertainment and activities was also low this year with most families staying on budget. In general, 64% of Canadians 18+ and 65% of parents surveyed expect to have spent less than $3,000 overall on summer fun, with only 24% of parents saying they spent more than they budgeted. 

Instead, parents are focusing on building their savings – education savings, to be precise. 85% believe it's more important to contribute to their child's education savings plan before buying the latest gadgets and accessories this back-to-school season, and only 28% say they aren't planning on putting money into an RESP. Similarly, only a small portion of parents say they'll spend more on after-school activities (24%), the latest technology and gadgets (12%) and back-to-school supplies (25%) than RESPs.

"Families are clearly sticking to their budgets and focusing on the future. The average cost of a year's tuition at a Canadian university in 2013/2014 was $5,772.[1] It's only going to get higher, so every little bit you can put aside now will make a big difference," says Peter Lewis, Vice President at CST. "If you don't have an RESP set up for your child already, the back-to-school season is a great time to start. You'd be surprised by how much even the smallest contributions can grow over time. Making a firm budget to map out your spending will also help you keep costs down at this time of year and prioritize your savings."

_________________________________________
1Statistics Canada – Budget for student life: How much will your post-secondary education really cost? April 17, 2014


Other survey findings: 

  • 81% of parents say they didn't have to borrow money to pay for summer fun this year
  • Only 24% of parents say they know someone who isn't contributing to an education savings plan this back-to-school season
  • 87% of parents say it's important to help pay for their child's post-secondary education

The Leger survey of 1,502 Canadians 18+ (with a sample size of 436 parents with children under the age of 18) was conducted between August 11-14, 2014 using Leger's online panel, LegerWeb. A probability sample of the same size would yield a margin of error of +/- 2.6%, 19 times out of 20.

About CST

The Canadian Scholarship Trust Foundation is a not-for-profit organization that has been helping families save for post-secondary education for over fifty years. As a wholly-owned subsidiary of the Foundation, C.S.T. Consultants Inc. (CST) is the distributor and fund manager of the Canadian Scholarship Trust Plans.

Focused exclusively on growing and protecting its planholders' savings, CST currently manages $4 billion in assets for over 280,000 Canadian families. CST boasts a sales force of 590 located across the country. The Canadian Scholarship Trust Foundation offers its own awards for academic achievement and community engagement to those students in their Group Plans who are pursuing graduate studies.

For more information about RESPs at CST, visit www.cst.org, follow us on Twitter at @CSTConsultants and like us on Facebook .

SOURCE CST Consultants

More Stories By PR Newswire

Copyright © 2007 PR Newswire. All rights reserved. Republication or redistribution of PRNewswire content is expressly prohibited without the prior written consent of PRNewswire. PRNewswire shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.

Latest Stories
Many banks and financial institutions are experimenting with containers in development environments, but when will they move into production? Containers are seen as the key to achieving the ultimate in information technology flexibility and agility. Containers work on both public and private clouds, and make it easy to build and deploy applications. The challenge for regulated industries is the cost and complexity of container security compliance. VM security compliance is already challenging, ...
WebRTC is bringing significant change to the communications landscape that will bridge the worlds of web and telephony, making the Internet the new standard for communications. Cloud9 took the road less traveled and used WebRTC to create a downloadable enterprise-grade communications platform that is changing the communication dynamic in the financial sector. In his session at @ThingsExpo, Leo Papadopoulos, CTO of Cloud9, will discuss the importance of WebRTC and how it enables companies to fo...
Designing IoT applications is complex, but deploying them in a scalable fashion is even more complex. A scalable, API first IaaS cloud is a good start, but in order to understand the various components specific to deploying IoT applications, one needs to understand the architecture of these applications and figure out how to scale these components independently. In his session at @ThingsExpo, Nara Rajagopalan is CEO of Accelerite, will discuss the fundamental architecture of IoT applications, ...
SYS-CON Events announced today TechTarget has been named “Media Sponsor” of SYS-CON's 18th International Cloud Expo, which will take place on June 7–9, 2016, at the Javits Center in New York City, NY, and the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. TechTarget is the Web’s leading destination for serious technology buyers researching and making enterprise technology decisions. Its extensive global networ...
As cloud and storage projections continue to rise, the number of organizations moving to the cloud is escalating and it is clear cloud storage is here to stay. However, is it secure? Data is the lifeblood for government entities, countries, cloud service providers and enterprises alike and losing or exposing that data can have disastrous results. There are new concepts for data storage on the horizon that will deliver secure solutions for storing and moving sensitive data around the world. ...
Korean Broadcasting System (KBS) will feature the upcoming 18th Cloud Expo | @ThingsExpo in a New York news documentary about the "New IT for the Future." The documentary will cover how big companies are transmitting or adopting the new IT for the future and will be filmed on the expo floor between June 7-June 9, 2016, at the Javits Center in New York City, New York. KBS has long been a leader in the development of the broadcasting culture of Korea. As the key public service broadcaster of Korea...
In his session at 18th Cloud Expo, Bruce Swann, Senior Product Marketing Manager at Adobe, will discuss how the Adobe Marketing Cloud can help marketers embrace opportunities for personalized, relevant and real-time customer engagement across offline (direct mail, point of sale, call center) and digital (email, website, SMS, mobile apps, social networks, connected objects). Bruce Swann has more than 15 years of experience working with digital marketing disciplines like web analytics, social med...
What a difference a year makes. Organizations aren’t just talking about IoT possibilities, it is now baked into their core business strategy. With IoT, billions of devices generating data from different companies on different networks around the globe need to interact. From efficiency to better customer insights to completely new business models, IoT will turn traditional business models upside down. In the new customer-centric age, the key to success is delivering critical services and apps wit...
The essence of data analysis involves setting up data pipelines that consist of several operations that are chained together – starting from data collection, data quality checks, data integration, data analysis and data visualization (including the setting up of interaction paths in that visualization). In our opinion, the challenges stem from the technology diversity at each stage of the data pipeline as well as the lack of process around the analysis.
As machines are increasingly connected to the internet, it’s becoming easier to discover the numerous ways Industrial IoT (IIoT) is helping to shape the business world. This is exactly why we have decided to take a closer look at this pervasive movement and to examine the desire to connect more things! Now if you need a refresher on IIoT and how it is changing the world, take a moment and listen to Greg Gorbach with ARC Advisory Group. Gorbach believes, "IIoT will significantly change the worl...
Enterprise networks are complex. Moreover, they were designed and deployed to meet a specific set of business requirements at a specific point in time. But, the adoption of cloud services, new business applications and intensifying security policies, among other factors, require IT organizations to continuously deploy configuration changes. Therefore, enterprises are looking for better ways to automate the management of their networks while still leveraging existing capabilities, optimizing perf...
With major technology companies and startups seriously embracing IoT strategies, now is the perfect time to attend @ThingsExpo 2016 in New York and Silicon Valley. Learn what is going on, contribute to the discussions, and ensure that your enterprise is as "IoT-Ready" as it can be! Internet of @ThingsExpo, taking place Nov 3-5, 2015, at the Santa Clara Convention Center in Santa Clara, CA, is co-located with 17th Cloud Expo and will feature technical sessions from a rock star conference faculty ...
The 19th International Cloud Expo has announced that its Call for Papers is open. Cloud Expo, to be held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA, brings together Cloud Computing, Big Data, Internet of Things, DevOps, Containers, Microservices and WebRTC to one location. With cloud computing driving a higher percentage of enterprise IT budgets every year, it becomes increasingly important to plant your flag in this fast-expanding business opportunity. Submit y...
Cloud computing changed data analytics for good. It enabled companies to drastically decrease resources and architecture previously assigned with business intelligence departments. It also enabled laymen to run advanced business analytics. Cloud was also the architecture of choice for storing and processing big data. Data piling is a continuous process, which is going to explode with emerging Internet of Things concept. Answer to this issue developers found in new concept called fog computing. ...
Internet of @ThingsExpo, taking place November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA, is co-located with the 19th International Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world and ThingsExpo New York Call for Papers is now open.