As a parent, you want the best for your child—and that can be expensive. Food, clothes, books, toys, camp, sports, lessons; it all adds up. In fact, 36% of Canadian parents have borrowed or know someone who has borrowed to pay for a child’s extracurricular activities.
With so many expenses, it’s hard to start saving for your child’s future, but it’s essential. The cost of a post-secondary education is high and increasing. Housing prices are also on the rise in many parts of the country—and it’s worth noting that 18% of first-time homebuyers’ down payments are loans or gifts from parents and other family members.
This five-step approach can help you build the savings your child will need to set them on the path towards financial self-sufficiency.
To read the full article by Manulife CLICK HERE