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British Columbia Regional Fact Sheet

How expensive is it to raise British Columbia’s kids?
  • Forty-three per cent of parents in B.C. believe that it will cost more than $200,000 to raise a child to the age of 18 (vs. 42% nationally).
  • When asked about costs to attend a Canadian university, including living expenses, 66% of parents in B.C. estimate that in 15 years it will cost between $25,000 and $50,000 per year (vs. 63% nationally).
Are parents in B.C. saving enough?
  • Parents in B.C. are the most likely to be living paycheque to paycheque with no savings (34% vs. 30% nationally).
  • Nine per cent of parents are spending more money than they earn (vs. 8% nationally) and 35% say they are saving a little bit, but not enough (vs. 41% nationally).
  • Eleven per cent say they are saving about 10% of their earnings each month (vs. 13% nationally) and 11% say they are saving more than 10% (vs. 9% nationally).
How many parents in B.C. have life insurance?
  • Seventy-seven per cent of parents say they have life insurance, either through their workplace benefits program or through purchasing a life insurance policy (vs. 79% nationally).
  • Parents in B.C. are the least likely to feel their life insurance policy will leave enough money to support their children to the age of 18 (32% vs. 45% nationally).
  • Twenty-three per cent of parents say they do not have life insurance (vs. 21% nationally).
  • Of parents who do not have life insurance:
    • Fifty-eight per cent feel they probably should have it.
    • Thirty-three per cent say they cannot afford it.
    • Eight per cent say they do not feel it is necessary.
About the TD Insurance Parents and Finances survey From December 10-17, 2009, Vision Critical - Angus Reid Public Opinion conducted the TD Insurance Parents and Finances survey among 1,006 Canadian parents between the ages of 25 and 45 with children under 18. The margin of error is 3.1 per cent. The results of the online survey have been statistically weighted according to the most current education, gender and region census data to ensure a representative sample. Discrepancies in or between totals are due to rounding.

For further information:

Karen McCullough / Anne Locke
Paradigm Public Relations
(416) 203-2223 /