Wealthy Expect University For Children

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    Among wealthy Canadians who are parents, 61 per cent have or expect to have children enrolled in university or college, says a study by BMO Private Banking, part of BMO Wealth Management. The costs of their children’s post-secondary education (including tuition, books, supplies, and living expenses) are covered by personal savings (69 per cent); child’s own savings (12 per cent); a scholarship (six per cent); and money from relatives (four per cent). Affluent Canadians are also less concerned with how their children will perform academically than how they will fare financially after graduation. The study also found that just 16 per cent of affluent Canadian parents have children that are attending private school from kindergarten to grade 12. The vast majority (90 per cent) pay for their children’s private school tuition themselves and more than three quarters (77 per cent) said this expense has put minimal strain on their finances. Just under one quarter (23 per cent) feel they have had to cut corners in other aspects of their lives as a result of tuition payments.