National Bank Financial Group

National Bank Financial Group

September 02, 2011 16:24 ET

Quebecers Are Financially Poorly Prepared to Manage Expenses Associated With the Arrival of a First Child - CROP(i) survey: The reflection of Quebecers' financial position

MONTREAL, QUEBEC--(Marketwire - Sept. 2, 2011) - (TSX:NA) - The latest findings of the* survey conducted by the polling firm CROP on the impact of children on the budget show that many parents are poorly prepared or unprepared to manage the expenses associated with the arrival of their first child.

In total, one out of four Quebecers (25%) state that they "had nothing planned" in terms of budgeting for the expenses incurred by the birth of their first child and 36% encountered expenses that were "greater than" expected. Only a minority of parents budgeted for expenses "equal to" (34%) or "less than" (5%) what they ended up spending in reality.

"The arrival of children into a family often has greater financial consequences than one thinks. It is therefore evident that families who manage their finances better end up with better results," stated CROP President Alain Giguère.

However, as their children get older, other expenses appear. The majority of parents in Quebec (58%) have, for example, saved money for their children with the help of financial products such as an RESP or life insurance. Specifically in 2010, two out of five families (39%) contributed to an RESP in their minor child's name in order to prepare for education-related expenses and to benefit from the advantages of the registered plan.

Pocket money

One third (33%) of Quebec parents also give their children an allowance. This phenomenon is more common in Montreal (37%) and less common in Quebec City (22%). On average, each child receives an allowance of $22 per week, which represents $31 per week per family.

To view the "Weekly allowance per child" graph, please visit the following link:

Do you give an allowance or pocket money to at least one of your children?
Montreal Quebec City Mauricie Saguenay Eastern Townships Outaouais Elsewhere in Quebec
Yes 37% 22% 28% 32% 30% 27% 31%

To find out more about Quebecers' on the impact of children on the budget, view the poll at

*Methodology: Data were collected online in December 2010 by web panels. In all, 1,814 Quebecers took part in the survey. The results were weighted to reflect the distribution of Quebec's population. Given the non-probability online sampling, the margin of error calculation does not apply.

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    Senior Advisor, Public Relations
    National Bank