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Press Kits - Insurance - TD Insurance Parents and Finances Survey

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Manitoba/Saskatchewan Regional Fact Sheet

How expensive is it to raise kids?
  • Forty-one per cent of parents in Manitoba and Saskatchewan 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, 61% of parents in Manitoba and Saskatchewan estimate that in 15 years it will cost between $25,000 and $50,000 per year (vs. 63% nationally).
  • Parents in Manitoba and Saskatchewan are the most likely to spend between $2,500 and $5,000 per child on extra-curricular activities such as music lessons and sports in a year, compared to parents in the rest of the country (22% vs. 16% nationally).
Are parents in Manitoba and Saskatchewan saving enough?
  • Eight out of ten parents say they are not 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-two per cent say they are saving a little bit, but not enough (vs. 41% nationally).
  • Thirteen per cent say they are saving about 10% of their earnings each month (same as national statistic) and 11% say they are saving more than 10% (vs. 9% nationally).
How many parents in Manitoba and Saskatchewan have life insurance?
  • Compared to other regions in Canada, parents in Manitoba and Saskatchewan are the most likely to have life insurance, either through their workplace benefits program or through purchasing a life insurance policy (89% vs. 79% nationally).
  • Half of parents in Manitoba and Saskatchewan who have life insurance do not believe their policy will leave enough money to support their children to the age of 18 (50% vs. 55% nationally).
  • Parents in Manitoba and Saskatchewan are the most likely to believe that their life insurance policy will leave their family a payment equal to their annual salary (66% vs. 50% nationally).
  • They are also the most likely in the country to feel that their life insurance policy will pay off their mortgage (66% vs. 53% nationally).
  • Only 11% of parents don’t have life insurance (vs. 21% 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.

For further information:

Karen McCullough / Anne Locke
Paradigm Public Relations
(416) 203-2223
kmccullough@paradigmpr.ca / alocke@paradigmpr.ca