Wouldn’t it be great if your child could afford to pursue the academic program of their choice without cost being a factor?

It’s possible through proper planning.

However, without it, your child may not be able to afford to go to college or university, which can make it much harder to succeed later on in life.

Let’s look at some advantages that can come from saving for your child’s education.

 

Earnings Potential

Statistics show that your child’s earnings potential is considerably stronger if they have a post-secondary education.
According to Statistics Canada, women with a college certificate can expect to earn 1.4 times more than their high school graduate counterparts, while women with a bachelor’s degree can expect to earn about 1.7 times more.

This also holds true for men, who can earn 1.3 times more than a high school graduate with a college certificate and 1.7 times more with a bachelor’s degree.

Earning more isn’t just a status symbol. It’s not just about living in a bigger house or parking a nicer car in the driveway. Earning more can lead to a higher quality of life and enable your children to provide their kids with more opportunities that they may not otherwise have.

Giving the Gift of Choice

When you set money aside for your child’s education, you open doors for them and ensure that they aren’t constrained when deciding their future.

This could help them choose the best program and school for them, getting them into their desired field, while improving their happiness and overall occupational motivation in the future.

Going to a good school or a prestigious program isn’t just about the professors or coursework either. By broadening a child’s options, you also open them up to a variety of positive experiences and connections. Attending your school of choice can do a lot to motivate you to make the most out of your academic and extracurricular life.  It can help catapult you to a successful career and life.

Avoiding Mental Anguish

In extreme cases, a lack of savings for education can mean missing out on post-secondary schools altogether. If your parents earn too much, you might not be eligible to receive much in the way of student loans, meaning that you may have to work long hours to afford your post-secondary degree or skip it altogether.

By helping your child out and saving early on, you can help them alleviate a lot of the stress associated with the financial side of academics, allowing them to focus on what matters most: their education.

At the end of the day, all these examples tie back to how saving early can enable your children to maximize their potential. By setting up an RESP for your child, you can provide them with their desired education one day and make their dreams become a reality.