How expensive is it to raise Atlantic
Atlantic Canada Regional Fact
Are parents in Atlantic Canada saving
- Thirty-four per cent of parents in Atlantic
Canada believe that it will cost more than $200,000 to raise a
child to the age of 18 (vs. 42% nationally), and 34% feel that it
will cost between $100,000 and $200,000 (vs. 31%
- When asked about costs to attend a Canadian
university, including living expenses, the majority of parents in
Atlantic Canada estimate that in 15 years it will cost between
$25,000 and $50,000 per year (65% vs. 63% nationally).
How many Atlantic Canadian parents have
- Nine out of ten parents in Atlantic Canada
say they aren’t saving enough:
- 9% say they are spending more money than
they earn (vs. 8% nationally).
- Nearly one-third are living paycheque to
paycheque with no savings (31% vs. 30% nationally).
- Almost half say they are able to save a
little each month but not enough (49% vs. 41%
- Only 4% say they are saving about 10% of
their earnings each month (vs. 13% nationally) and just 8% 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-five per cent of parents say they
have life insurance, either through their workplace benefits
program or after purchasing a life insurance policy (vs. 79%
- The majority of parents in Atlantic Canada
who have life insurance do not believe their policy will leave
enough money to support their children to the age of 18 (61% vs.
- Parents in Atlantic Canada are the least
likely to have life insurance compared to parents in other regions
of the country. Twenty-five per cent say they do not have life
insurance (vs. 21% nationally).
- Of parents without life insurance, those in
Atlantic Canada are the most likely to feel they probably should
have it (61% vs. 56% nationally). They are also the most likely to
say they don’t have life insurance because they cannot
afford it (39% vs. 36% nationally).
Karen McCullough / Anne Locke
Paradigm Public Relations