Survey shows most families preparing for costs, but gaps persist in savings and education planning
A growing number of Canadian parents are entering parenthood with a clear sense of the financial demands ahead. But many remain uncertain about their long-term readiness.
That’s according to the Early Parent Readiness Report 2026 from Embark, which surveyed 579 expecting and new parents across the country. The findings suggest a population that is increasingly proactive about financial planning but still grappling with confidence when it comes to meeting future costs.
While 78% of expecting parents say they feel financially prepared overall, only a quarter describe themselves as very prepared. More than half fall into a middle ground, reflecting cautious optimism rather than certainty.
Regional disparities are notable. Parents in Saskatchewan and Manitoba report the highest levels of preparedness at 94%, while Ontario trails significantly, with just 67% feeling ready and one-third saying they are unprepared.
Despite these differences, a consistent theme emerges: many families are putting plans in place but remain unsure whether those plans will hold up over time.
Balancing present pressures with future goals
Financial concerns are top of mind for many would-be parents, but they are not the only worry. The report shows that 21% cite financial responsibility as their biggest fear, second only to sleep deprivation at 26%.
Still, when it comes to decision-making, finances often take precedence. If given an extra $2,500, more than 40% of parents said they would prioritize saving or paying down debt rather than spending, underscoring a strong preference for stability.
Education savings also rank high, with 18% saying they would direct the funds toward a Registered Education Savings Plan (RESP). In Quebec, that figure jumps to 37%, highlighting regional differences in long-term planning priorities.
At the same time, the data reveals a divide in actual savings behaviour. While 36% of parents report having set aside more than $5,000 for their child’s future, nearly as many—32%—have yet to begin saving at all.
Confidence gap around education costs
Even among those who are saving, confidence remains uneven when it comes to covering post-secondary expenses.
Only one-third of parents say they are fully confident they can pay for their child’s education. The majority expect either financial strain or uncertainty, with 26% anticipating tight conditions and 27% saying they will not be able to cover costs.
This gap persists despite relatively strong adoption of education savings tools. The report finds that 73% of new parents have already opened a dedicated savings account, such as an RESP, while another segment remains in the planning stage or unable to contribute due to affordability constraints.
Awareness of government matching programs is also relatively high, with 74% of parents saying they are familiar with available incentives. However, a smaller group either lacks detailed understanding or is unaware of the programs altogether.
Financial independence, with some support
Most parents are navigating these challenges on their own. The report shows that 64% have not received financial assistance from family, though 37% report some level of support, typically in the form of one-time contributions rather than ongoing help.
Meanwhile, the realities of day-to-day parenting are reshaping priorities. Once a child arrives, time pressures tend to outweigh financial concerns, with issues like work-life balance, sleep deprivation, and loss of personal time dominating the experience.
Still, even amid these demands, long-term financial planning remains a priority.
“What we’re seeing is that families aren’t just talking about saving, they’re taking action early. Nearly three-quarters of parents have already opened a dedicated savings account for their child, and awareness of government matching programs is strong. Even among families who say money is tight, many are finding ways to contribute, showing that education savings remain a top priority. Structured tools like RESPs help parents stay consistent, leverage available government incentives, and turn intention into real progress toward their child’s future.”
The findings point to a generation of parents that is increasingly engaged with financial planning but still navigating uncertainty. While many are taking early steps to save and invest, affordability challenges and confidence gaps continue to shape how - and how much - they prepare for the future.
