Manitoba/Saskatchewan Regional
Fact Sheet
How expensive is it to raise
kids?
- Forty-one per cent of parents in Manitoba
and Saskatchewan believe that it will cost more than $200,000 to
raise a child to the age of 18 (vs. 42% nationally).
- When asked about costs to attend a Canadian
university, including living expenses, 61% of parents in Manitoba
and Saskatchewan estimate that in 15 years it will cost between
$25,000 and $50,000 per year (vs. 63% nationally).
- Parents in Manitoba and Saskatchewan are the
most likely to spend between $2,500 and $5,000 per child on
extra-curricular activities such as music lessons and sports in a
year, compared to parents in the rest of the country (22% vs. 16%
nationally).
Are parents in Manitoba and
Saskatchewan saving enough?
- Eight out of ten parents say they are not
saving enough:
- Six per cent say they are spending more
money than they earn each month (vs. 8% nationally);
- Twenty-eight per cent are living paycheque
to paycheque with no savings (vs. 30% nationally);
- Forty-two per cent say they are saving a
little bit, but not enough (vs. 41% nationally).
- Thirteen per cent say they are saving about
10% of their earnings each month (same as national statistic) and
11% say they are saving more than 10% (vs. 9%
nationally).
How many parents in Manitoba and
Saskatchewan have life insurance?
- Compared to other regions in Canada, parents
in Manitoba and Saskatchewan are the most likely to have life
insurance, either through their workplace benefits program or
through purchasing a life insurance policy (89% vs. 79%
nationally).
- Half of parents in Manitoba and Saskatchewan
who have life insurance do not believe their policy will leave
enough money to support their children to the age of 18 (50% vs.
55% nationally).
- Parents in Manitoba and Saskatchewan are the
most likely to believe that their life insurance policy will leave
their family a payment equal to their annual salary (66% vs. 50%
nationally).
- They are also the most likely in the country
to feel that their life insurance policy will pay off their
mortgage (66% vs. 53% nationally).
- Only 11% of parents don’t have
life insurance (vs. 21% 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
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