Some Canadian parents are having to make tough decisions when it comes to extra-curricular activities, and saving for their own and their child’s future.
The latest Beyond the Blue Line survey, done by Leger for CST Consultants, a not-for-profit organization which helps families save for post-secondary education, found many are trying to find that balance.
According to the survey, 29% of Canadians were more likely to borrow money, via credit cards, line of credit or a loan, or know someone who is, to put a child in hockey. That’s 3% higher than 2014.
As well, 34% are either pulling their kids out of hockey, or other extra-curriculars to cut down on their expenses. The survey found hockey enrollment has been declining, and cost has been noted as a prime reason.
About 16% of parents are deferring, or using their retirement savings, to help pay for hockey. And even with rising tuition costs, only about half are saving for their child’s education.
This year, according to Statistics Canada, the average university undergraduate tuition rose to almost $6,375. Meanwhile only half of Canadians have a Registered Education Savings Plan, despite government grants that offer as much as $7,200 in additional funding.
“We know how important it is for parents to give their children a balanced education, and extra- curricular activities are a part of striking that balance. Parents need to really take a hard look at their priorities when it comes to funding a dream that can truly make an impact on a child’s life, and that includes helping them with their post-secondary education costs.” – Peter Lewis, Vice-President, CST Consultants.
The survey also found about 60% believe that even with the high cost of hockey, every Canadian child should have the chance to play because it’s part of growing up here; it was 66% back in 2014.