Taking the Tab: Canadian Students Most Likely to Contribute to Their Own Tuition

Taking the Tab: Canadian Students Most Likely to Contribute to Their Own Tuition

Internationally, Canadian students were recognized as being the most likely to pay their way through post-secondary school, or at least contribute to it.

A global study by HSBC called The Value of Education: Higher and higher discovered that 42 per cent of Canadian students helped to pay the tuition for their own post-secondary education, in comparison to 15 per cent on average globally.

The study surveyed more than 8400 parents from 15 countries and territories with one child under the age of 23 who is currently receiving a post-secondary education, or at least considering it.

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We still want to help out

From early on in their kids’ education, Canadian parents differ from their global peers. On average, 63 per cent of parents pay for private education (for example, for math or science tutors), but only 31 per cent of Canadian parents do so.

And when it came to post-secondary pursuits, 76 per cent of Canadian parents opened up their pocketbooks to help fund their kids’ education. But we still fall under the global average of 87 per cent.

Notably, over a third of Canadian parents (35 per cent) have invested in specific education savings programs for their kids. Internationally, this makes Canadians the second most likely to do so, right after China (55 per cent).

“Taking advantage of registered education savings programs, or scholarships and bursaries is key, however, there is still opportunity to do even more,” said Larry Tomei, Executive Vice President and Head of Retail Banking and Wealth Management.

Canadian parents easy-going and optimistic

When it comes time for their children to head off to school, Canadians are most likely to want their kids to stay within the country. Only 25 per cent of parents would consider sending their child abroad for post-secondary education, which is much lower than the global average (41 per cent).

Canadian parents were also found to be least fond of the business, management, or marketing industries. The majority preferred their children to study natural and physical sciences. But when it came to specific courses they’d like their kids to study in university, Canadians were the most easygoing. While most parents around the world rather their children take courses in medicine, engineering and finance, almost half of Canadians said they do not have any particular courses in mind (46 per cent). Globally, only 21 per cent of parents could say the same.

Finally, most Canadian parents were optimistic about their children reaching their potential (77 per cent). We seemed to have a more positive outlook than the UK (72 per cent), Australia (73 per cent) and France (42 per cent). However, parents from Asian countries like Indonesia (88 per cent), India (87 per cent) and China (84 per cent) were the most certain of their children’s futures.

Related Topics

Economic News / Personal Finance / RSM News / Saving for Education / Savings

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