Children’s education savings accounts are a vital tool in boosting high school completion rates, increasing post-secondary education attainment, and reducing poverty. Research shows that saving for a child’s education is connected to improved child development, greater educational and career expectations, and future financial capability.
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Participants received RESP education in 2019 through Aspire.
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RESPs opened by eight partner agencies in 2019.
There are free government grants for families living on a low income to kick-start their child’s savings. For example, the Canada Learning Bond (CLB), accessed by opening up a Registered Education Savings Plan, is up to $2000 per child. However, too few families are accessing this free money.
Why are RESPs so important?
Education savings are linked to high school completion and higher academic performance, in part because they influence post-secondary expectations
Education savings influence post-secondary enrollment and completion
Post-secondary education is an inter-generational poverty reduction and prevention tool
Aspire and it’s partners work to raise the awareness of RESPs and the CLB, through sharing information directly with families, hosting information sessions, and offering follow-up support to families (such as obtaining ID or going to the bank). If they choose, participants can utilize the Smartsaver website to book appointments with families’ respective financial institutions.
Aspire partners running Education Savings programs
