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
Mobile device usage has increased exponentially during the past several years, as consumers rely on handhelds for everything from news and weather to banking and purchases. What can we expect in the next few years? The way in which we interact with our devices will fundamentally change, as businesses leverage Artificial Intelligence. We already see this taking shape as businesses leverage AI for cost savings and customer responsiveness. This trend will continue, as AI is used for more sophistica...
Nordstrom is transforming the way that they do business and the cloud is the key to enabling speed and hyper personalized customer experiences. In his session at 21st Cloud Expo, Ken Schow, VP of Engineering at Nordstrom, discussed some of the key learnings and common pitfalls of large enterprises moving to the cloud. This includes strategies around choosing a cloud provider(s), architecture, and lessons learned. In addition, he covered some of the best practices for structured team migration an...
Recently, REAN Cloud built a digital concierge for a North Carolina hospital that had observed that most patient call button questions were repetitive. In addition, the paper-based process used to measure patient health metrics was laborious, not in real-time and sometimes error-prone. In their session at 21st Cloud Expo, Sean Finnerty, Executive Director, Practice Lead, Health Care & Life Science at REAN Cloud, and Dr. S.P.T. Krishnan, Principal Architect at REAN Cloud, discussed how they built...
Most technology leaders, contemporary and from the hardware era, are reshaping their businesses to do software. They hope to capture value from emerging technologies such as IoT, SDN, and AI. Ultimately, irrespective of the vertical, it is about deriving value from independent software applications participating in an ecosystem as one comprehensive solution. In his session at @ThingsExpo, Kausik Sridhar, founder and CTO of Pulzze Systems, discussed how given the magnitude of today's application ...
The “Digital Era” is forcing us to engage with new methods to build, operate and maintain applications. This transformation also implies an evolution to more and more intelligent applications to better engage with the customers, while creating significant market differentiators. In both cases, the cloud has become a key enabler to embrace this digital revolution. So, moving to the cloud is no longer the question; the new questions are HOW and WHEN. To make this equation even more complex, most ...
In his session at 21st Cloud Expo, Raju Shreewastava, founder of Big Data Trunk, provided a fun and simple way to introduce Machine Leaning to anyone and everyone. He solved a machine learning problem and demonstrated an easy way to be able to do machine learning without even coding. Raju Shreewastava is the founder of Big Data Trunk (www.BigDataTrunk.com), a Big Data Training and consulting firm with offices in the United States. He previously led the data warehouse/business intelligence and B...
As you move to the cloud, your network should be efficient, secure, and easy to manage. An enterprise adopting a hybrid or public cloud needs systems and tools that provide: Agility: ability to deliver applications and services faster, even in complex hybrid environments Easier manageability: enable reliable connectivity with complete oversight as the data center network evolves Greater efficiency: eliminate wasted effort while reducing errors and optimize asset utilization Security: imple...
In his Opening Keynote at 21st Cloud Expo, John Considine, General Manager of IBM Cloud Infrastructure, led attendees through the exciting evolution of the cloud. He looked at this major disruption from the perspective of technology, business models, and what this means for enterprises of all sizes. John Considine is General Manager of Cloud Infrastructure Services at IBM. In that role he is responsible for leading IBM’s public cloud infrastructure including strategy, development, and offering m...
With tough new regulations coming to Europe on data privacy in May 2018, Calligo will explain why in reality the effect is global and transforms how you consider critical data. EU GDPR fundamentally rewrites the rules for cloud, Big Data and IoT. In his session at 21st Cloud Expo, Adam Ryan, Vice President and General Manager EMEA at Calligo, examined the regulations and provided insight on how it affects technology, challenges the established rules and will usher in new levels of diligence arou...
The past few years have brought a sea change in the way applications are architected, developed, and consumed—increasing both the complexity of testing and the business impact of software failures. How can software testing professionals keep pace with modern application delivery, given the trends that impact both architectures (cloud, microservices, and APIs) and processes (DevOps, agile, and continuous delivery)? This is where continuous testing comes in. D
Modern software design has fundamentally changed how we manage applications, causing many to turn to containers as the new virtual machine for resource management. As container adoption grows beyond stateless applications to stateful workloads, the need for persistent storage is foundational - something customers routinely cite as a top pain point. In his session at @DevOpsSummit at 21st Cloud Expo, Bill Borsari, Head of Systems Engineering at Datera, explored how organizations can reap the bene...
Digital transformation is about embracing digital technologies into a company's culture to better connect with its customers, automate processes, create better tools, enter new markets, etc. Such a transformation requires continuous orchestration across teams and an environment based on open collaboration and daily experiments. In his session at 21st Cloud Expo, Alex Casalboni, Technical (Cloud) Evangelist at Cloud Academy, explored and discussed the most urgent unsolved challenges to achieve f...
The dynamic nature of the cloud means that change is a constant when it comes to modern cloud-based infrastructure. Delivering modern applications to end users, therefore, is a constantly shifting challenge. Delivery automation helps IT Ops teams ensure that apps are providing an optimal end user experience over hybrid-cloud and multi-cloud environments, no matter what the current state of the infrastructure is. To employ a delivery automation strategy that reflects your business rules, making r...
The 22nd International Cloud Expo | 1st DXWorld Expo has announced that its Call for Papers is open. Cloud Expo | DXWorld Expo, to be held June 5-7, 2018, at the Javits Center in New York, NY, brings together Cloud Computing, Digital Transformation, Big Data, Internet of Things, DevOps, Machine Learning 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 busin...
In a recent survey, Sumo Logic surveyed 1,500 customers who employ cloud services such as Amazon Web Services (AWS), Microsoft Azure, and Google Cloud Platform (GCP). According to the survey, a quarter of the respondents have already deployed Docker containers and nearly as many (23 percent) are employing the AWS Lambda serverless computing framework. It’s clear: serverless is here to stay. The adoption does come with some needed changes, within both application development and operations. Tha...