For 77%, no better education can be found abroad, and 82% expect
VANCOUVER, April 16, 2014 /CNW/ - A clear majority of Canadian
respondents favour their education system over all others globally, but
increasingly expect good return on investment - just like any other
product or service - from sending their child to university, according
to a new global report from HSBC, The Value of Education: Springboard for success. The report, which surveyed over 4,500 parents in 15 countries, including
Canada, found that parents expect a university education to prepare
their child for a successful career.
Nearly half of all respondents in Canada (47%) view the ability to
compete in the workplace as a key outcome of a good university
education, followed closely by income earning potential (43%) and a
chance to maximize their life opportunities (39%). By comparison,
globally, competing in the workplace is most important to parents in
Mexico (57%) and Malaysia (52%), while income-earning potential tops
the list of requirements for parents in India (41%).
Respondent mothers and fathers also appear to have different views on
what a good education should provide: at elementary school, skills in
core subject areas are more important to mothers (65%) than fathers
(54%), and half the mothers surveyed were keen on the income-earning
potential of university, compared to only 38% of fathers.
Parents, wherever they reside, have high aspirations for their children
when it comes to education. Consistent with the global results, just
over four in five (82%) of Canadian respondents want their children to
go to university, while just under half (48%) want their child to go on
to study at a postgraduate level.
Betty Miao, Executive Vice President, Retail Banking and Wealth
Management, HSBC Bank Canada, said: "A quality education is key to improving children's opportunities and
prospects in an increasingly globalised and competitive knowledge
economy. Yet parents are also aware that the opportunity can be put at
risk by not preparing adequately or early enough. It is never too early
to start investing and saving for your child's education."
In Canada, while 40% of respondents believe that public schools are just
as good as private schools, 26% see value in a private education.
Further, while 43% of respondents feel that public schools provide
their children with all the necessary skills, 24% feel that public
schools are not living up to that standard.
Education is considered a top priority for parents all around the world.
Yet when deciding how they would allocate money to support their
children financially in life, parents surveyed in Canada would allocate
54% of their funds towards their child's education, while parents in
the UK would allocate the least, at 24%.
Parents typically rely on savings (55%), specific education plans (53%),
current income (48%) and to a lesser extent investments (34%) to fund
their children's education. Yet many agree that planning is a difficult
but necessary step to make this a reality. Respondents' top insights
and practical tips when planning for their children's education are:
1) Start saving early - 33% of respondents (51% globally) wished they
had begun to save earlier.
2) Know what is available - 26% of respondents (38% globally) find
making choices about schooling and education daunting.
3) Evaluate the options - 29% of respondents (37% globally) would
consider private schooling, but each family must discuss and decide on
their best path.
HSBC Bank Canada
HSBC Bank Canada, a subsidiary of HSBC Holdings plc, is the leading
international bank in Canada. With over 6,300 offices in 75 countries
and territories and assets of US$2,671bn at 31 December 2013, the HSBC
Group is one of the world's largest banking and financial services
Notes to editors
The Value of Education is a new global consumer research study which
explores parents' attitudes and behaviours towards children's
education. This report, Springboard for success, represents the views of 4592 parents in 15 countries around the world:
Australia, Brazil, Canada, China, France, Hong Kong, India, Indonesia,
Malaysia, Mexico, Singapore, Taiwan, Turkey, United Kingdom, United
The survey was conducted online in December 2013 and January 2014, among
parents who have at least one child under the age of 23 currently (or
soon to be) in education, and who are solely or partially responsible
for making decisions about their child's education. This independent
research study was commissioned by HSBC and carried out by Ipsos MORI.
The margin of error which measures sampling variability is +/- 5.7% for
the entire sample.
SOURCE: HSBC Bank Canada
For further information:
AVP, Head of Media Relations
HSBC Bank Canada
Fabrice de Dongo
Senior Media Relations Manager
HSBC Bank Canada