Canadian parents are having a hard time saving for their children’s education as the cost of living and other expenses add up.

More than half reported moderate to major challenges when it comes to education savings, especially while struggling to save for retirement and other major purchases, according to a recent Canadian Scholarship Trust Foundation (CST) report .

Among the major barriers to education savings, 60 per cent cited food prices, 47 per cent said slow salaries and 41 per cent referred to housing costs.

“These findings reaffirm that education remains a priority for Canadians across the country, but it also shows that outside factors are preventing them from reaching their savings goals,” CST chief executive Peter Lewis said in a news release. “Canadians are not only worried about affordability in the short term, they’re also unable to invest or save the way they want for the long term.”

Canada has several vehicles for education savings, but the best option might be the registered education savings plan (RESP), which allows parents or loved ones of a child to invest up to $50,000 for their education, with the federal government matching 20 per cent of the annual investment up to $500 per year.

Royal Bank of Canada estimates a user contributing $50 per week per child to an RESP would save more than $80,000 per child in 18 years.

RESPs are a popular way for those looking to save, but only about two-thirds of the parents surveyed said they had heard of the plan and only 50 per cent have opened an account for their child, according to the CST survey.

Few parents, grandparents and future parents consider themselves very knowledgeable about RESPs and the other saving mechanisms available to them.

“There is a clear need for ongoing education around the savings vehicles available and open conversations with family and professionals around financial priorities and how to start or prioritize education savings,” Lewis said.

“With government grants complementing periodic contributions and incentives like the Canada Learning Bond for modest-to-low-income families, there are so many options available to help parents get started or stay on track.”

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Walmart Inc.’s sales in the U.S. have slowed to a rate not seen in years, stoking concern of a slowing economy south of the border.

U.S. sales grew 2.6 per cent in the second quarter among stores that have been open for at least a year, the slowest growth rate in six years.

The results suggest that it’s becoming harder for the world’s largest retailer to maintain its growth rate with a weakening consumer sentiment in the U.S.

Walmart shares fell more than seven per cent on the news.

Read more here.

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The last bastion of pandemic-era mortgage renewals is on the horizon, leaving many homeowners with the prospect of significantly higher housing costs. Still, most homeowners don’t expect to change their living arrangements in the wake of a renewal, but a third are feeling anxious about the prospective changes. Read more here.

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McLister on mortgages

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Today’s Posthaste was written by Pamela Heaven with additional reporting from Financial Post staff and Bloomberg.

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