One-third of parents with children under the age of 25 plan to delay retirement in order to pay for the cost of their children's post-secondary education, according to a Leger poll commissioned by CIBC.
B.C. parents were the most likely to have saved less than they planned for retirement (67% compared with the national average of 60%). Parents in Ontario were the most likely to say they would delay retirement (40%). The poll found that 38% of parents in British Columbia planned to delay retirement, compared with the national average of 36%.
"The expenses associated with a child's education often come when parents are in their 40s and 50s and are looking to accelerate retirement savings," said Christina Kramer, CIBC executive vice-president, retail distribution and channel strategy.
"This means some parents will need more working years to close the gap created by the costs of their child's education."
Across Canada, B.C. graduates expect to have the highest student debt, according to a BMO survey released August 14.
That poll showed that B.C. students expected to average $34,886 in debt upon graduation, compared with the national average of $26,297.
