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.
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.