Here are three reasons why you should listen to this episode:
- Learn how to approach saving for future education as a long-term goal, and with an investor mindset.
- Learn how to build a resilient RESP investment strategy that adapts to market shifts, and discover investment solutions designed to evolve with your child’s age.
- Gain insights into how to build financial literacy with your children and family, so you can work together to achieve your long-term education planning goals.
Resources
Episode Highlights
[00:21] The Rising Need for Early Education Planning
- Education has become one of the most significant financial milestones for Canadian families.
- The challenge of covering post-secondary costs is growing rapidly, with projected expenses expected to exceed $100,000 for today’s children.
- Carissa Lucreziano welcomes Michael Keaveney, Vice President of Managed Solutions at CIBC Asset Management, to explore how families can financially prepare.
- With decades of investment experience and a personal understanding of education planning, Michael offers strategies grounded in both data and lived insight.
[03:02] Starting Early: Why Time is Your Greatest Asset
- Saving for education can feel overwhelming, especially alongside other priorities like mortgages and retirement.
- Yet starting early and contributing consistently can dramatically shift what’s possible through the power of compounding.
[04:14] Michael: “Those two things, starting early and having a regular investment plan are actually behaviors within your control, and focusing on what's in your control, is central to any investment strategy.”
- Michael explains how automatic, regular investments help parents stay on track and reduce future financial stress.
- Early action builds both savings and financial flexibility as your child’s path evolves.
[07:32] Building a Resilient RESP Strategy
- Market volatility can make education investors second-guess their decisions, especially during uncertain times.
[08:56] Michael: “You do get periodic spikes in volatility in the market for various and different reasons, but we know that if you take a longer-term timeframe, the market bounces back and goes on to new highs.”
- But staying invested over the long term remains one of the most effective ways to reach savings goals.
- Michael shares his own experience of riding out major market downturns and stresses the importance of adjusting risk as the goal gets closer.
- Carissa adds that a resilient strategy includes knowing when to shift from growth to stability.
[11:03] Understanding CIBC's Education Portfolios
- Education timelines require unique investment strategies that evolve with a child’s age.
- CIBC Education Portfolios are designed to shift automatically, from equities to bonds, as the target date approaches.
- Michael explains how these portfolios offer a built-in glide path, helping parents stay aligned with their child’s educational timeline without constant rebalancing.
- Carissa notes how this reduces guesswork and supports parents who prefer a hands-off yet intentional approach.
[17:45] Teaching Kids Financial Resilience Through Savings
- Education planning isn’t just about money, but it’s an opportunity to teach lasting financial habits.
[18:08] Michael: “I think it's entirely appropriate and a good idea for children to learn that the money didn't fall out of the sky. That a plan was put together, a conscious choice was made, maybe even at the expense of other options, and that the plan continues to be monitored.”
- Bringing children into the savings journey can build their confidence, agency, and understanding of long-term goals.
- Michael suggests giving children the chance to contribute, even in small ways, to foster ownership and awareness.
- Carissa shares how celebrating milestones like grants or savings goals can make the experience both personal and impactful.
[21:35] What If Plans Change? RESP Flexibility Explained
- Education paths aren't always predictable. Some children take time off, change direction, or choose alternatives.
- RESPs offer flexibility with up to 36 years to use the funds and options to transfer, repurpose, or adjust as needed.
- Michael outlines various RESP scenarios and explains how different rules apply depending on the child’s path.
- Carissa emphasizes the importance of speaking with a financial advisor to understand which options are available and best suited for your family.
[24:37] Building a Smarter Education Planning Strategy
- Education planning for your child may feel like a big goal, but it’s one of the most rewarding investments a family can make.
- Starting early, contributing regularly, and staying flexible helps parents build not just savings and confidence.
- Michael emphasizes that you don’t have to know everything to begin.
- The important step is to get started on building a roadmap that supports your child’s future.
About Michael Keaveney
Michael Keaveney is the Vice President of Managed Solutions at CIBC Asset Management. With nearly 30 years of experience in wealth management, Michael has helped thousands of Canadians grow and protect their financial futures. His work focuses on building strategic investment solutions that align with long-term goals, including education planning, retirement, and wealth preservation. He also plays a key role in developing portfolio strategies that adapt to changing market conditions and evolving client needs.
Known for blending expert insights with real-world practicality, Michael brings a clear and steady perspective to market volatility, portfolio design, and disciplined investing. As a parent who’s navigated the education savings journey himself, he offers both professional guidance and personal experience. He believes that starting early and staying consistent are the cornerstones of successful investing. Through his work, he empowers families to plan ahead with purpose and confidence.
Connect with Michael Keaveney on his LinkedIn.
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