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Ontario Regional Fact Sheet

How expensive is it to raise Ontario’s kids?
  • Parents in Ontario are among the most likely in the country to believe that it will cost more than $200,000 to raise a child to the age of 18 (48% vs. 42% nationally).
  • When asked about costs to attend a Canadian university, including living expenses, 64% of parents in Ontario estimate that in 15 years it will cost between $25,000 and $50,000 per year (vs. 63% nationally).
Are parents in Ontario saving enough?
  • Eight out of ten parents say they aren’t saving enough:
    • Six per cent say they are spending more money than they earn each month (vs. 8% nationally);
    • Twenty-eight per cent are living paycheque to paycheque with no savings (vs. 30% nationally);
    • Forty-four per cent say they are saving a little bit, but not enough (vs. 41% nationally).
  • Twelve per cent say they are saving about 10% of their earnings each month (vs. 13% nationally) and 9% say they are saving more than 10% (same as national statistic).
How many parents in Ontario have life insurance?
  • Eighty-two 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).
  • More than half of parents in Ontario who have life insurance do not believe their policy will leave enough money to support their children to the age of 18 (52% vs. 55% nationally).
  • Eighteen per cent of parents in Ontario do not have life insurance (vs. 21% nationally).
  • Of parents who do not have life insurance:
    • Fifty-five per cent feel they probably should have it.
    • Thirty-six per cent say they cannot afford it.
    • Nine 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 /