New data reveal impact of education costs on parents and families

June 9, 2014

Data from a survey of 604 parents commissioned by the Canadian Alliance of Student Associations (CASA) suggest that many Canadian parents are making significant sacrifices to send their children to university. According to the survey results, 33% of Canadian parents have used their retirement savings to help pay for school; 64% ate out less; and 58% cut back or scaled down vacation plans to help provide financial support to their children. 35% reported that they had acquired a loan or line of credit to help pay for university. 74% of respondents agreed that it is their responsibility to help their children pay for PSE, but 81% said that financial aid applications should not include a parental income qualification. 70% said the cost of tuition was too high. Respondents also said that their children should be financially independent by age 23, but realistically believed they would not achieve that until age 25. 72% attributed the delay to the cost of PSE. CASA News Release | Globe and Mail | CBC | Full Report