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#LetsTalkRESPs

Investing in Our Future: #LetsTalkRESPs

November 6, 2015 By Lena

Having two boys, my husband and I have tried to avoid the “H” word for some time now. So far, it’s working… but I’m not fooling myself. I know that one day, I’ll need to sit down with one son – or both – and explain exactly why this house is, and always will be, a hockey-free zone.

“We love hockey!” <- Yelled from our living room. Nowhere near an actual hockey rink.

Here’s the thing. I’m a realist; I know that I probably have a better chance at winning the lottery than having my child make it as a professional hockey player. In fact, of minor league hockey players in Ontario (where roughly 45% of Canada’s hockey players live) born in 1965, 1975 and 1985, only 1 in 1,000 played a single game in the NHL.

If you’re willing to chance those odds, I’m definitely not going to rain on your parade, but here’s the thing – hockey, and other extracurricular activities – are expensive. Like, hella expensive. (As a former dance mom, I am particularly qualified to make this claim.) True statement: 46% of Canadian parents are or know someone who is pulling kids out of extracurricular activities (such as hockey, swimming, music lessons, etc…) because of the cost.
hockey_twoyoungplayers_faceoff-612x300Now if you’ve got the cash to fund your child’s sporting activities AND have set aside (or are continually saving) money for their post-second education, congratulations! You are living the dream. And may the hockey gods be forever in your child’s favour!

However, the grim truth is that less than half (48%) of parents are saving money for their children in the form of a Registered Education Savings Plan, and almost half of Canadian parents (43%) are willing to go into debt or even defer their retirement to put a child in hockey and other activities.

The message is loud and clear: parents are still struggling to score the right balance this winter when it comes to hockey and education. …

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Filed Under: Family Tagged With: #BeyondtheBlueline, #LetsTalkRESPs, Canadian Scholarship Trust, RESPs

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Lena Almeida

Toronto Blogger, Social Media Strategist for Listen to Lena Inc. Television & Radio Personality, Columnist and Speaker. Family Travel Expert. Star Wars Fanatic. Perfecting the Art of Conversuasion. Read More…

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