Stretched thin, parents have swath of options to save for children's education

Parents are finding it tougher than ever to save for their children's post-secondary education as the rising cost of living ramps up financial pressures.

But the mainstays of post-secondary saving — RESPs, especially — remain key tools, as do clear goals and plenty of planning.

Julie Petrera, a senior strategist for client needs at Edward Jones, said the first step is getting a handle on cost estimates, which can range from thousands to hundreds of thousands of dollars, depending on the type and length of schooling and whether the child is leaving home.

Other considerations include whether family members, such as a grandparent or the child themself, will contribute and where education ranks on parents’ list of savings priorities.