SEIZE THE OPPORTUNITY
Saving is easy with the Canada Learning Bond. The CLB offers families with lower incomes a simple way to start saving for their children, even if they can’t contribute.
IMPACT OF SAVINGS
Research demonstrates that even small amounts of education savings can set in motion a chain reaction of positive social and educational outcomes for a child and their family:
- Youth with savings earmarked for their education are 50% more likely to participate in post-secondary education than those who have none.
Statistics Canada and HRDC, “Access, persistence and financing: First results from the Postsecondary Education Participation Survey (PEPS)”
- Children with as little as $3,000 in savings are more likely to graduate from high school.
Social Service Review, “Assets, expectations, and children’s educational achievement in female-headed households”
- For children as young as 11, their perception of whether college is financially possible influences their school-focused goals and the effort they put into their school work.
Mesmin Destin and Daphna Oyserman, From Assets to School Outcomes: How Finances Shape Children’s Perceived Possibilities and Intentions, Psychological Science, Vol.20 No.4
- Children with education savings between $1 – $499 are 3 times more likely to pursue post-secondary and 4 times more likely to graduate.
Scholarly research on children’s savings accounts. CFED 2014.
