While the majority of parents in Canada contribute towards their child's postsecondary education (76 percent vs. global average of 87 percent), students in Canada are the most likely across all markets surveyed to also help fund their own educational goals (42 percent vs. global average 15 percent).
This is one of the findings of a new global study commissioned by HSBC. “The Value of Education: Higher and Higher” was based on a survey of more than 8,400 parents across 15 countries and territories worldwide.
"The good news is that Canadians take a proactive approach to financing their child's education," said Larry Tomei, Executive Vice-President and Head of Retail Banking and Wealth Management at HSBC. "Taking advantage of registered education savings programs, or scholarships and bursaries is key. However, there is still opportunity to do even more."
How Canadians compare to their global peers:
1. Our geography shapes our learning. Interestingly, parents in Canada are the most likely to say they'd like their child to study natural and physical sciences, and among the least likely to say business, management and finance (3 percent vs. global average of 11 percent). Other least popular subjects among parents include politics, music and marketing.
2. We know the ABCs of RESPs. While parents in China are the most financially prepared - with more than half (55 percent) funding their child's education primarily through general savings - more than a third (35 percent) of parents in Canada are also taking advantage of specific education savings programs, making them second mostly likely to do so after China (global average of 21 percent). In contrast, less than one in 10 parents in the UK (5 percent), Australia (8 percent) and Mexico (8 percent) are funding their child's education through a specific education savings plan.
3. The maple syrup bottle is more than half-full. Just over three-quarters of parents in Canada (77 percent) say they're optimistic about their children fulfilling their potential. That’s considerably lower than their counterparts in Asia (Indonesia 88 percent, India 87 percent, China 84 percent and Malaysia 82 percent), but slightly higher compared to other western countries (UK 72 percent), Australia (73 percent), France (42 percent).
4. Our parents just want us to be happy … and possibly a doctor. When thinking about the courses they would like their child to study at university, parents around the world typically have a strong opinion - medicine, engineering, finance - that is, unless they're Canadian. In fact, almost half (46 percent) of parents in Canada say they do not have specific courses in mind for their child - among the highest proportion across all markets surveyed (and more than twice the global average of 21 percent).
5. Au revoir! One in four (25 percent) of parents in Canada say they'd consider sending their child abroad for postsecondary education, well below the global average of 41 percent. In terms of a preferred destination, 61 percent say they'd send their child to the USA, followed by the UK (49 percent) and France (28 percent). In comparison, parents in the UAE (65 percent), Indonesia (60 percent) and India (55 percent), are the most likely to say they would consider international studies for their child. In terms of preferred destinations across all markets surveyed, the USA (47 percent), Australia (40 percent), the UK (39 percent) and Canada (25 percent) were the top choices.
