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Atlantic Canada Regional Fact Sheet

How expensive is it to raise Atlantic Canada’s kids?
  • Thirty-four per cent of parents in Atlantic Canada believe that it will cost more than $200,000 to raise a child to the age of 18 (vs. 42% nationally), and 34% feel that it will cost between $100,000 and $200,000 (vs. 31% nationally).
  • When asked about costs to attend a Canadian university, including living expenses, the majority of parents in Atlantic Canada estimate that in 15 years it will cost between $25,000 and $50,000 per year (65% vs. 63% nationally).
Are parents in Atlantic Canada saving enough?
  • Nine out of ten parents in Atlantic Canada say they aren’t saving enough:
    • 9% say they are spending more money than they earn (vs. 8% nationally).
    • Nearly one-third are living paycheque to paycheque with no savings (31% vs. 30% nationally).
    • Almost half say they are able to save a little each month but not enough (49% vs. 41% nationally).
  • Only 4% say they are saving about 10% of their earnings each month (vs. 13% nationally) and just 8% say they are saving more than 10% (vs. 9% nationally).
How many Atlantic Canadian parents have life insurance?
  • Seventy-five per cent of parents say they have life insurance, either through their workplace benefits program or after purchasing a life insurance policy (vs. 79% nationally).
  • The majority of parents in Atlantic Canada who have life insurance do not believe their policy will leave enough money to support their children to the age of 18 (61% vs. 55% nationally).
  • Parents in Atlantic Canada are the least likely to have life insurance compared to parents in other regions of the country. Twenty-five per cent say they do not have life insurance (vs. 21% nationally).
  • Of parents without life insurance, those in Atlantic Canada are the most likely to feel they probably should have it (61% vs. 56% nationally). They are also the most likely to say they don’t have life insurance because they cannot afford it (39% vs. 36% 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