Secondary school costs worry parents

Parents care more about secondary-school affordability than their kids.

In fact, more than a third of parents (34%) rate prospective colleges and universities based on how much they cost versus only 13% of students, finds a new study. Almost half of children (43%) place higher emphasis on how well their chosen programs and schools fit their academic interests.

Read: Education costs to keep ballooning

This generational divide is also evident when it comes to rating the environment of potential schools. Students say campus experience is one of their top three reasons for choosing their dream schools, while parents rank campus experience as the least important.

Out of six possible choices, most parents opted for affordability (34%), followed by best programs (29%) and quality teaching staff (17%). They don’t often consider a school’s extracurricular offerings.

“Affordability is certainly top of mind for parents, [especially] given many…students rely on their families for support through post-secondary education, and even after,” said George Hopkinson, president and CEO at Knowledge First Financial. “One way that parents can ease the burden of post-secondary education costs is by starting an RESP for their children as early as possible.”

Read: Save for back to school

A post-graduate student of University of Toronto’s Aerospace Studies program agrees saving beforehand is key. He stresses, “The best programs can really set you apart from the norm: the core program content and teaching staff helps prepare students for the workforce and hopefully gives them an edge above other new grads once they start their careers.”

According to the survey, 60% of parents agreed that starting RESPs helped their children study full-time rather than part-time.

Also, most parents and students say post-secondary education is worth the investment. They added having a degree is essential for those competing in today’s job market.

Read:

Canadian international study fees competitive

Back-to-school spending climbs 4%

Staff

The staff of Advisor.ca have been covering news for financial advisors since 1998.