The universal worry: Can we afford our children’s future?

Rarely do I come across something that feels universally consistent across both worlds. But I think I’ve found it: The worry parents carry for their children.

That worry takes many forms. We worry about their health, their happiness, their safety. We question whether we are doing enough, whether they have everything they need, and whether the decisions we are making today will serve them well tomorrow. It is a constant undercurrent—one that evolves as they grow, but never really goes away.

And while those worries vary from family to family, there is one concern that seems to cut across cultures, geographies, and stages of life: the financial future of our children.

For some, that concern starts even before parenthood. Many prospective parents delay having children because they don’t feel financially ready. For others, it shows up in the day-to-day—wondering if they are earning enough, saving enough, or doing enough to provide the life they envision for their family. For newcomers, that concern is often amplified by the uncertainty of starting over in a new country, where the rules are different and the margin for error can feel smaller.

One area where this worry becomes especially tangible is education. It is, in many ways, a universal concern—and in today’s environment of rising costs, inflation, and global uncertainty, it feels more pressing than ever.

Parents are saving, but confidence is still low

Recent findings from the Early Parent Readiness Report by Embark highlight this tension clearly.

On the surface, the data is encouraging. Parents are taking action: nearly three-quarters (73%) have opened a registered education savings plan (RESP) or are saving for their child’s future education, and awareness of government matching programs like the Canada Education Savings Grant sits at 74%.  

But the confidence behind that action tells a different story. Only 33% of parents say they are confident they can fully pay for their child’s post-secondary education, while 27% believe they will not be able to afford it at all and another 26% expect it will be financially tight.  

At the same time, while 36% of millennial parents have managed to save $5,000 or more, nearly a third (32%) have not started saving at all. 

That gap between intention and confidence is where the real story lies. Parents are trying, saving money and making trade-offs, but many are not convinced it will be enough.

Understanding the RESP, and why it matters

Canada offers a structured way to prepare for this: the aforementioned RESP. At its core, an RESP is a tax-advantaged savings account designed to help families save for a child’s post-secondary education. Contributions grow tax-free, and the government provides additional support through programs like the Canada Education Savings Grant (CESG), which matches a portion of what you contribute.

When we moved to Canada, investing in an RESP felt like a no-brainer. I remember a friend walking me through it in my early days here, and his advice was simple: if for nothing else, do it for the “free money.” On a $2,500 annual contribution, the government adds $500, which effectively gives you a guaranteed 20% return before you even factor in investment growth.

There are not many places where that kind of return exists.

But beyond the math, it represents something more meaningful. It is one of the few ways to proactively address a future expense that can otherwise feel overwhelming, particularly as the cost of post-secondary education continues to rise across the country.

The emotional side of planning for education

I recently asked my wife what her biggest concern is when it comes to our child’s future education, and her answer was simple: that whatever we set aside will never be enough.

I suspect that sentiment resonates with many parents.