Sunday, March 29th12.9°C
25490
25263

Parents and millennials have vastly different ideas on the cost of schooling

Post-secondary students grossly underestimate the cost of school, not to mention how much support they'll need from their parents, a new survey shows.

The online poll, conducted in July for CIBC, found that 67 per cent of parents were willing to pay for two-thirds of their children's post-secondary education while, on average, their kids believed their parents were footing only a third of the bill.

But in a twist — 41 per cent of students surveyed still thought their parents were paying too much. Those respondents said parents should only be covering a quarter of the cost or less.

On average, parents expected the entire cost of each child's post-secondary education would be $64,300.

"Part of the disconnect between parents and their children is likely that students aren't accounting for all of the costs beyond tuition," said Marybeth Jordan, head of CIBC's online brokerage.

Millennials aren't fully cognizant of the true cost of a degree or diploma, she said.

"The conversation between parents and students about the full costs of education, and how to pay for it, needs to start long before the first tuition payment is due."

"While it's clear from our polling that parents want to help pay for their children's post-secondary education, in most cases they are taking on the lion's share of a rapidly rising expense — and covering far more than their kids realize," she said.

Parents in Quebec and British Columbia were the most likely to pay for education, 74 and 70 per cent respectively, while only just 52 per cent of respondents in Atlantic Canada said they would.

The Leger survey involved 1,056 parents with children under 25 and 500 university and college students.

A separate poll of parents with children under age 18 found that almost half wished they had more support from family to help finance their children's schooling. The online poll conducted for BMO also found that fifty-two per cent wished people would contribute to their kids' education savings in lieu of gifts.

The polling industry's professional body, the Marketing Research and Intelligence Association, says online surveys cannot be assigned a margin of error because they do not randomly sample the population.

The Canadian Press


Read more Business News

25596


Recent Trending




Today's Market
S&P TSX14812.42-57.38
S&P CDNX681.43+1.87
DJIA17712.66+34.43
Nasdaq4891.22+27.86
S&P 5002061.02+4.87
CDN Dollar0.7923-0.0007
Gold1196.30-8.80
Oil48.87-3.00
Lumber282.60-3.60
Natural Gas2.62-0.05

 
Okanagan Companies
Pacific Safety0.125-0.005
Knighthawk0.010.00
QHR Technologies Inc1.50+0.00
Cantex0.03-0.01
Anavex Life Sciences0.219+0.009
Metalex Ventures0.04-0.01
Russel Metals24.50-0.18
Copper Mountain Mining1.13+0.00
Colorado Resources0.125+0.010
ReliaBrand Inc0.006-0.001
Sunrise Resources Ltd0.045+0.000
Mission Ready Services0.255+0.020
Decisive Dividend Corporation1.80+0.02

 





FEATURED Property
19271354392 Finch Road
3 bedrooms 3 baths
$1,695,000
more details
image2image2image2
Click here to feature your property
Please wait... loading


CRA Notice of Assessment

Many Canadians rush to file their taxes on time each year and don’t think about it until the next year. One of the most overlooked notices received from the CRA annually is the annual Notice of ...


Medical confidential?

If ICBC asks your doctor for your information you may wonder: Can ICBC ask my doctor for my medical information? Can ICBC request a medical report from my doctor without my consent? What is ICBC entit...


Stay out of sales limbo!

Have you ever had a series of good meetings with a prospect … gathered all kinds of information … and given what you thought was a great presentation … only to receive a response ...

_








Member of BC Press Council


24850