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Thirty-four per cent of parents place affordability at the top of the
list, while students focus on the quality of school programs including
MISSISSAUGA, ON, Oct. 7, 2013 /CNW/ - Affordability is a top decision
maker for 34 per cent of parents surveyed, in contrast to only 13 per
cent of students, when it comes to choosing a post-secondary education
path for their children. This is one conclusion found by a new study
commissioned by Knowledge First Financial and conducted by Ipsos Reid
of Canadian high school/post-secondary school students and parents.
Forty-three per cent of students disagree with parents, placing high
emphasis on a program's ability to fit their academic interests.
The generational divide is also evident when it comes to environment.
Students say campus experience is one of their top three reasons for
choosing their dream school, whereas parents rank campus experience as
the least important.
Out of six possible choices, a large majority of parents opted for
affordability, best programs (29 per cent) and quality teaching staff
(17 per cent), over other choices like campus experience and
extracurricular offerings - suggesting that top value for dollar is
"For parents, affordability is certainly top of mind given that many of
today's 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."
"We understand that parents want the best for their children, whether it
is quality teachers, a top-notch program, or financial stability upon
graduation," continued Hopkinson. "A registered education savings plan
gives students and parents that extra boost to make these opportunities
Post-graduate student in University of Toronto's Aerospace Studies
program, Christopher Lee agrees. "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. There's also a
sense of pride in studying alongside top students, not to mention a
certain competitiveness that pushes one to excel."
Lee also explained that a top program provides a better opportunity to
connect with a solid alumni network, which can help to develop a
graduate's career and maybe even result in landing ones first job.
According to the survey, 53 per cent of high school students, 56 per
cent of post-secondary students and 60 per cent of parents agree that
the key benefit to having personal savings or an RESP is that the added
funds allow them to study full-time, instead of part-time.
Even with cost as a concern, a large majority of parents and students
alike agree that post-secondary education is worth the investment,
citing it as a requirement for today's job market.
Knowledge First Financial
Knowledge First Financial offers plans that will fit into your family
budget today and help fulfill your child's education needs tomorrow,
whatever the path they choose. Knowledge First Financial Inc. is a
wholly subsidiary of Knowledge First Foundation and is the Investment
Fund Manager, administrator and distributor of education savings plans
offered by Knowledge First Foundation. Since 1965, Knowledge First
Financial has paid out $2.8 billion, and continues to manage almost
half a million education savings plans for Canadians.
SOURCE Knowledge First Financial
Image with caption: "A Generational Divide: New research shows young adults and parents differ in priorities when choosing a dream school (CNW Group/Knowledge First Financial)". Image available at: http://photos.newswire.ca/images/download/20131007_C7777_PHOTO_EN_31763.jpg
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