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Study: The impact of Group RESPs on families

 

Momentum is working to improve investor protection for families living on a low-income – specifically around Group Plan RESPs. These products are unsuitable for families living a low-income due to the risk of unaffordability, plan cancellation, and losing one’s investment and government grants. We have seen far too many families lose their money through a Group RESP. We are asking the Alberta Securities Commission to do more to prevent the targeting of sales of Group Plan RESPs to families living on a low-income. We need to capture the stories of families in Alberta who have been impacted by a Group Plan RESP.

Are you able to share your story with us?

We do not need to know any names. All we need to capture is:

  • How much did you invest?
  • What was your annual income at the time of signing up?
  • How you were approached to sign up?
  • What trouble you had with the plan (affordability or other), and if you contacted the group plan about not being able to afford the contributions, what options they were given.
  • Anything else you would like to share (how much you paid in fees, how much you lost, etc)?

Courtney Mo at Momentum is capturing these stories – over coffee (location of your choice), over phone at 403 220 6180 or email courtneym@momemtum.org  Please let us know if you have a story to share. We can offer a $30 gift card to thank you for your time.

Thank you for considering and for sharing this email with anyone you know who has a Group Plan RESP.

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