New research indicates that despite good intentions, parents across the country expect to rely on their parents or children themselves to help foot the post-secondary education bill

TORONTO, Aug. 19, 2026 /CNW/ -- Recent research commissioned by the Canadian Scholarship Trust Foundation (CST) shows that education remains a priority for Canadian parents, but barriers prevent them from saving the way they want, leaving many parents (51%) feeling anxious about their financial picture. 

According to the Cost of Learning Survey, most Canadians (84%) believe post-secondary education is important for long-term financial security and success. However, saving for their children's education remains difficult for parents. In fact, most parents (60%) report it as a major or moderate challenge, especially as they struggle to also save for other milestones like major purchases (70%) and retirement (68%) to a greater degree than other Canadians.

Amidst an uncertain global landscape and inflation looming domestically, meeting basic needs has also become a significant financial barrier for Canadian families looking to save for the future. Among parents, barriers to saving include the cost of groceries (60%), salaries failing to keep pace with costs (47%) and the cost of housing (41%).

"These findings reaffirm that education remains a priority for Canadians across the country, but it also shows that outside factors are preventing them from reaching their savings goals" said Peter Lewis, President and CEO of CST. "Canadians are not only worried about affordability in the short term, they're also unable to invest or save the way they want for the long term."

Despite good intentions, gaps in savings and knowledge are holding parents back

While intentions towards savings are positive, gaps remain in knowledge when it comes to how to approach education savings.

Although parents are the most informed about how to save for a child's post-secondary education, with 17% reporting feeling very knowledgeable about it, prospective parents and grandparents are less familiar with the savings vehicles available.

While more than 8-in-10 Canadians say they are familiar with Tax free Savings Accounts (TFSAs), that familiarity drops to two-thirds for Registered Education Savings Plans (RESPs) and to just over half for non-registered investment accounts. In fact, among parents, grandparents and future parents, few consider themselves very knowledgeable about the types of accounts or savings vehicles centered around education.

This is likely to become a point of discussion, as some parents and parents-to-be are expecting financial support from family members for their current or future children's education. Nearly one-in-four (23%) parents expect grandparents to contribute to their child's education, while 29% expect their children to contribute.

An underwhelming use of RESPs in Canada

With nearly half of parents surveyed (45%), including those with children over 18, saying they wish they had started saving earlier, there is a clear need for ongoing education and open conversations around education saving vehicles. This is also reflected in current usage, with only half (50%) of Canadian parents surveyed saying they've opened a Registered Education Savings Plan (RESP).

"There is a clear need for ongoing education around the savings vehicles available and open conversations with family and professionals around financial priorities and how to start or prioritize education savings," added Mr. Lewis. "With government grants complementing periodic contributions and incentives like the Canada Learning Bond for modest to low-income families, there are so many options available to help parents get started or stay on track. Our goal is to help Canadian parents and their families develop an understanding of the tools and benefits readily available to start addressing this gap between awareness and action that the research has identified."

When it comes to developing this much needed understanding of education savings vehicles and having broader financial conversations, more than half of Canadians (52%) turn to financial professionals such as planners, advisors and accountants for financial advice, followed by family members (30%) and friends or peers (22%).

No matter where Canadians turn for advice, it's important that education savings be part of the conversation for parents, grandparents, parents-to-be and other family members.

Helping more Canadians start their education savings journey

The research highlights a significant opportunity to improve awareness and adoption of Registered Education Savings Plans (RESPs), one of the most effective tools available to help families save for post-secondary education while benefiting from government grants and incentives.

Both CST Savings Inc. and C.S.T. Spark Inc. (CST Spark) offer RESPs. While RESPs remain the cornerstone of education savings, the research also suggests that many families use other savings and investment vehicles as part of their overall financial plan. To help families save for education at different stages of life, CST will expand its CST Spark offering with the introduction of additional account options, including a Tax-Free Savings Account (TFSA) and a Non-Registered Investment Account (NRIA).

These new options are designed to complement, not replace, an RESP by providing greater flexibility for prospective parents and extended family members looking to contribute toward future education goals.

About the survey  

This online survey was conducted by Earnscliffe on behalf of CST. It was in field from July 2 to 13, 2026, and engaged a stratified sample of 1,500 respondents living in Canada 18 years or older who are members of Leger's LEO panel. The study includes a base sample of 1,001 individuals 18+ across Canada and an additional oversample of 499 individuals in Quebec.  

Respondents had the option of completing the survey in French or English. For comparison purposes only, a probability sample of this size would have a margin of error of +/- 2.53% at a confidence level of 95%. The sample of parents would carry a margin of error of +/- 4.82%. The data was weighted by age, gender and region based on Census 2021 data. 

Earnscliffe is a member of CRIC and abides by the ESOMAR code of Market, Opinion, and Social Research and Data Analytics and CRIC standards, including the CRIC Public Opinion Research Standards and Disclosure Requirements.  

See full results and methodology in the Cost of Learning Survey.

About CST
Founded in 1960, the Canadian Scholarship Trust Foundation is dedicated to improving access to post-secondary education to foster a more resilient and inclusive country for generations to come. For more than 65 years, CST has helped over 700,000¹ Canadian families set their children up for success through post-secondary education. As the creators of education savings plans in Canada, CST has also awarded over $3 million to students pursuing post-secondary education through its scholarship and bursary programs.

For more Information, please visit www.cst.org. 

The Canadian Scholarship Trust Foundation and its subsidiaries, C.S.T. Spark Inc. and C.S.T. Savings Inc. operate under the master brand name CST.

¹ Canadian Scholarship Trust Foundation, 2025.

SOURCE Canadian Scholarship Trust Foundation