Canadians value education system, but are seeking return on investment from their children's education

For 77%, no better education can be found abroad, and 82% expect university enrolment

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 organisations.

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 States.

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

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HSBC Bank Canada
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Fabrice de Dongo
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HSBC Bank Canada
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