A new CST Foundation survey reveals RESP awareness gaps and cost barriers holding back Canadian families from education savings goals
Half of Canadian parents say they feel anxious about their finances when it comes to saving for their children's post-secondary education, according to a new survey that lays bare the gap between aspiration and action across the country.
The Cost of Learning Survey, commissioned by the nonprofit Canadian Scholarship Trust Foundation (CST Foundation), found that 84 per cent of Canadians believe post-secondary education is important for long-term financial security.
But only 50 per cent of Canadian parents have opened a Registered Education Savings Plan (RESP), the federal tax-advantaged account designed specifically to help families save for post-secondary costs.
The findings, released August 19, 2026, point to a persistent knowledge and action gap that financial advisors and wealth planners are well-positioned to help address.
Knowledge gaps holding families back
One of the starkest findings in the CST Foundation report concerns financial literacy.
While eight-in-10 Canadians report familiarity with Tax-Free Savings Accounts (TFSAs), that figure drops sharply to two-thirds for RESPs, a product uniquely suited to education savings and one that comes with the benefit of the Canada Education Savings Grant (CESG), a federal government matching contribution of up to 20 per cent on the first $2,500 contributed annually.
Only 17 per cent of parents say they feel very knowledgeable about education savings methods, suggesting a significant opportunity for advisors to engage clients on a topic where guidance is clearly needed.
Sixty per cent of parents describe saving for their children's education as a major or moderate challenge, citing groceries (60 per cent), stagnating salaries (47 per cent) and housing costs (41 per cent) as the primary barriers. The cost-of-living squeeze is hitting this cohort harder across the board: 70 per cent of parents say they struggle more than other Canadians to save for major purchases, while 68 per cent say the same about retirement.
The role of advisors
Despite the anxiety, Canadians are actively seeking guidance. Fifty-two per cent of respondents said they consult a financial professional when looking for advice on education savings.
That places financial professionals well ahead of family members (30 per cent) and friends or peers (22 per cent) as a source of guidance, underlining the trust Canadians place in the advice channel.
The survey also found that 45 per cent of parents wish they had started saving for education costs earlier.
Family contributions and expectations
The data reveals a generational dimension to education funding. Twenty-three per cent of parents expect grandparents to contribute to their grandchild's education, while 29 per cent expect their children to share in the costs themselves.
The CST Foundation, which has awarded more than $3 million through scholarship and bursary programmes since its founding, is calling for greater awareness of the support structures available to Canadian families and for earlier engagement with the planning process.
