The Value of Education
Our latest report in The Value of Education series, The price of success, looks at parents’ ambitions for their children, their views on the costs and benefits of education at home and abroad, and the sacrifices they are prepared to make to ensure their children can fulfil their potential. This report, The Price of Success, is the fifth in the series and represents the views of 501 parents and 101 students in Canada. The Value of Education program began in 2014, and since then more than 24,000 parents have been surveyed globally.
"Many Canadian parents encourage their children to attend university, but they are becoming increasingly concerned that their children will not have the necessary skills required to succeed as AI becomes more prevalent in the workplace”, says Larry Tomei, Executive Vice President and Head of Retail Banking and Wealth Management, HSBC Bank Canada. “That is why it is now more important than ever for financial institutions and parents to work together to create a plan to pay for university so their children will be equipped to compete professionally in 2030 and beyond.”
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Canada Key Findings
Parents in Canada are concerned about the future impact of artificial intelligence (AI) and robots on their children’s lives, HSBC’s The Value of Education - The Price of Success report reveals. Almost two out of five parents (38%) remain sceptical and are worried about the impact it will have on their child’s future career.
of parents agree that computer programming is an important skill in today's world
of parents worry about the impact of artificial intelligence and robots on their child's future career
of parents believe artificial intelligence and robots will make their child's life better
Did you know that Canada is rated highest by parents for being welcoming to international students?
Value for money
Despite the significant cost and sacrifices involved, Canadian parents agree that university is a worthwhile investment and 48% of parents wish they’d started saving for their child’s university education earlier.
In order for parents to start thinking about their children’s university education, here are some practical steps drawn from the research findings:
1. Start planning early
Early planning and saving for education can help your children fulfil their potential and limit the strain on family finances. Seeking professional advice can help you plan and make better informed choices.
2. Be realistic about the costs
Take into account all the costs when planning how to financially support them through higher education.
3. Instil good financial habits
Help your children to plan and manage the costs of student life by taking advantage of the budgeting tools and calculators available online.
4. Invest in a range of skills
Help your children choose an educational route that will equip them with the softer skills needed for the workplace of the future like problem solving and social skills as well as the specific skills for their chosen career.
Source: 2018 Value of Education Report – The Price of Success
The Value of Education is an independent consumer research study into global education trends, commissioned by HSBC. It provides authoritative insights into parents’ attitudes and behavior towards their children’s education around the world. These findings are from the fifth survey in the series and represent the views of 10,478 parents and 1,507 students in 15 countries and territories: Australia, Canada, Mainland China, France, Hong Kong, India, Indonesia, Malaysia, Mexico, Singapore, Taiwan, Turkey, United Arab Emirates, United Kingdom, United States.
The findings are based on a sample of parents with at least one child aged 23 or younger currently (or soon to be) in education, and on a sample of students aged 18 to 34 in university undergraduate and postgraduate education, drawn from nationally representative online panels in each country and territory. The research was conducted online by Ipsos MORI in March and April 2018.
This country factsheet represents the views of 501 parents and 101 students in Canada.
© Reproduced with permission from The Value of Education, The price of success, published in 2018 by HSBC Holdings plc.
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