Due to the added financial insecurity brought about by the pandemic, many Canadian families are struggling to set money aside for their children’s post-secondary education.
A recent study from Knowledge First Financial, 40 per cent of Canadian parents said the pandemic has had a negative impact on their ability to set money aside for child’s post-secondary education.
Additionally, 25 per cent of Canadian parents are considering a change of plans for their child’s post-secondary education because of the pandemic.
Further, 75 per cent of parents said the pandemic has negatively impacted the quality of their child’s education—61 per cent of respondents said their child’s stress levels have increased, and 76 per cent said their children are socializing less.
Moreover, 42 per cent said their children are falling behind in key subjects including reading, writing and math, while 36 per cent said the pandemic has had an adverse effect on their child’s grades.
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“COVID-19 is having a serious impact on student learning and Canadian parents’ ability to save,” Carrie Russell, president and CEO of Knowledge First Financial, said in a news release.
“While we know parents are facing multiple challenges, there is one simple way to help prepare their child for post-secondary education. Investing early, even if it is a small amount, can make a significant impact down the road,” she continued.
According to the findings, 45 per cent of parents attributed their child’s struggles to a lack of motivation brought about by the pandemic—this has been the biggest challenge facing more than one-third of parents when it comes to their child’s education.