As October rolls over, many parents have most likely just paid their children’s college education bills (looking at you Sean). And while inflation is the hot topic spoken about in nearly every grocery store, café, and news-channel- (I recently was sitting with a friend at a café and heard a couple on their first date talking about how the rising cost of groceries made them re-think their dating habits!!) - an interesting fact is that the rising cost of education has drastically outpaced that of inflation and wage-growth.
For example, if you became a parent to a new-born recently, the cost of post-secondary education by the time they are old enough to be admitted will be much higher than where it’s at now.
So in light of autumn and the new school year being in full swing, Sean, Jalal, and I sat down to discuss the rapid rise of the cost of education in the past 20-30 years, and how an RESP can help not only in saving for a child’s education, but can also be a very effective tool for beating the rising cost.
Happy listening!
