Canadians put children’s hockey ahead of saving

Three out of five Canadian parents say they, or someone they know, have borrowed money or used their retirement savings to put a child through hockey or other sports.

The Leger survey, conducted on behalf of CST Consultants, finds that 38% of parents say they, or someone they know, have borrowed money, while 23% have deferred their retirement or are using their retirement savings for extracurricular activities.

And 51% of parents say they, or someone they know, are spending more money to put a child in an extracurricular activity over an education savings plan such as a registered education savings plan.

The average household spends $1,500 on hockey-related expenses—more than the typical Canadian household invests in education savings ($1,455 per year).

The survey also reveals that an overwhelming majority (89%) of parents believe it’s important for parents to help their child pay for their post-secondary education, especially with tuition fees on a steady increase.

“We love hockey. But extracurricular activities shouldn’t come at the price of investing in your child’s future,” says Peter Lewis, vice-president at CST. “This survey shows that Canadians believe that planning for higher education should be a higher priority.”

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