70% of parents, grandparents chipping in for kids' education costs: Poll

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Most parents and grandparents are filling the gap when it comes to financing education costs, says a study.

With youth unemployment now at 14.2%, many young Canadians are facing what economists are calling a “youth-cession” — a stalled labour market, slowing wage growth, and limited access to financial stability.

The study — by Bloom Finance, done with Angus Reid — found 70% of Canadian parents and grandparents with school-aged children are now financially supporting their education.

Bloom’s 2025 Multigenerational Education Support Report also reported 57% of parents and 76% of grandparents say they have children or grandchildren in education programs.

Other findings, include:

— 54% of Canadians with children or grandchildren are providing up to $5,000 and 16% are contributing over $5,000.

— Of those providing support, 46% say it’s impacted other financial obligations, including 39% who say it’s affected their retirement planning.

— 28% expect to provide even more financial support this year, while 45% expect to contribute about the same as before.

Conducted online July 29-31 with 1,510 adult Canadians, a probability sample of this size carries a margin of error of 2.53%, 19 times out of 20.