The difficulty of playing hockey and saving for school

Canadians are still struggling to strike a balance between paying for the good ol’ hockey game and other activities, versus other priorities such as education savings, finds a study by CST Consultants.

The survey of 1,500 Canadians found that 61% of people surveyed believe it’s important for parents to start saving for their child’s post-secondary education before spending money on extra curricular activities like hockey.

Only half of Canadians have a Registered Education Savings Plan, despite government grants that offer as much as $7,200 in additional funding.

Meanwhile, 60% of respondents believe that despite the cost of hockey, every Canadian child should have the chance to play because it is a part of growing up in Canada. Further, 29% were likely to borrow money, be it via credit card, personal or family loan, to put their children in extra-curricular activities such as hockey.

Even if your client’s children are among the few who have potential careers in professional hockey, the financial tradeoffs don’t get any easier. Read our coverage here:

The math behind a career in hockey

NHL players want out of ORPP

Creative ways to motivate clients

NHL players: young, rich and fragile

Taxes influence NHL teams’ recruiting abilities

Staff

The staff of Advisor.ca have been covering news for financial advisors since 1998.