One in Four Grandparents in Quebec Contribute to Grandchildrens’ Education

par Andrew Rickard | April 27 2015 08:50AM

In Quebec, 25% of grandparents help to pay for their grandchildrens' education, contributing an average of about $2,000 for all their grandchildren combined.

photo_web_284The survey, which was conducted by the CROP research firm at the request of education plan provider Universitas, also uncovered a correlation between age and the desire to financially contribute to education; only 8% of people between the ages of 55 and 64 offered financial support, while 36% of those who were age 65 or older helped to pay for their grandchildren's education.

As for the type of education savings vehicle they prefer, most (79%) opted for registered education savings plans (RESPs), followed by savings accounts (16%), and tax free savings accounts (12%). Asked if they were aware that provincial and federal governments are added to the money they invest in education savings plans, 64% of those surveyed said that they were.

"We are quite pleased, and even a little surprised, to see that so many grandparents favour the RESP to save for their grandchildren’s education rather than another investment vehicle,” says Universitas spokesperson Tina Fournier-Ouellet. "The RESP is the best investment option when it comes to planning for a child’s education, mainly because of the generous grants available."