How expensive is it to raise Alberta’s kids?
Alberta Regional Fact Sheet
Are parents in Alberta saving enough?
- Parents in Alberta are the most likely to believe that it will cost more than $200,000 to raise a child to the age of 18 than elsewhere in Canada (51% vs. 42% nationally).
- When asked about costs to attend a Canadian university, including living expenses, 63% of parents in Alberta estimate that in 15 years it will cost between $25,000 and $50,000 per year (same as national statistic).
How many of Alberta’s parents have life insurance?
- Seven out of ten parents say they are not saving enough:
- 9% say they are spending more money each month than they earn (vs. 8% nationally);
- One-quarter are living paycheque to paycheque with no savings (26% vs. 30% nationally);
- 37% say they are able to save a little each month but not enough (vs. 41% nationally).
- Compared to other regions in Canada, Alberta’s parents are the most likely to be saving about 10% of their earnings each month (17% vs. 13% nationally). Ten per cent of parents in Alberta say they are saving more than 10% (vs. 9% nationally).
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.
- Seventy-nine per cent of parents say they have life insurance, either through their workplace benefits program or through purchasing a life insurance policy (same as national statistic).
- Nearly half of parents in Alberta who have life insurance do not believe the policy will leave enough money to support their children to the age of 18 (49% vs. 55% nationally).
- Twenty-one per cent of parents in Alberta do not have life insurance (same as national statistic).
- Of those parents who do not have life insurance:
- Fifty-three per cent feel they probably should have it.
- Forty per cent say they cannot afford it.
- Six per cent say they do not feel it is necessary.
For further information:
Karen McCullough / Anne Locke
Paradigm Public Relations
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