LONDON, 22-4-2014 — /EuropaWire/ — Parents increasingly expect a good return on investment from sending their child to university according to a new report from HSBC, The Value of Education: Springboard for success.
The report, which surveyed over 4,500 parents in 15 countries, found that parents expect a university education to prepare their child for a successful career.
In the UK almost two in five parents (39%) say the ability to compete in the workplace and income earning potential (39%) are key expectations of a good university education. More than a third (37%) believe it should offer access to opportunities in life, but only 11% think it needs to deliver access to extra-curricular activities. This suggests the requirement of a university education to deliver strong job prospects is of significant importance.
Only 10% of UK parents believe that a good university education should contribute to foreign language skills in adult life, although this seems to be an English speaking phenomenon, with a similar proportion believing the same in the US (9%) and just 6% in Australia. Parents in Taiwan (36%) and France (31%) have the highest hopes for their children in this area.
Parents around the world are united in having high aspirations for their children when it comes to education. Nearly nine in ten (89%) parents globally want their children to go to university, with over seven in ten (71%) parents in the UK expecting their children to study at this level.
Education is an investment for the future
Education is considered a top priority for parents all around the world. When deciding how they would allocate money to support their children financially in life, parents in the UK put education first. They expect to set aside 24% of their funds for their child’s education, though this is the lowest in our survey. Parents in Canada would allocate the most money (54%), closely followed by Singapore (53%).
While UK parents have high expectations of what education should provide, many feel anxious when planning their child’s education – more than a third (38%) say they find making decisions about it daunting and over one in four (27%) wish they had started to plan and save earlier.
Francesca McDonagh, Head of Retail Banking & Wealth Management UK at HSBC, commented:
“It is never too early to start investing and saving for your child’s education. Decisions about provision for education can weigh heavily on parents in the UK and many regret not starting planning sooner. Funding can be put at risk by the failure to prepare adequately, something of increasing importance when preparing children for an increasingly globalised workplace. ”
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 Value of Education global report is available on www.hsbc.com > Retail Banking and Wealth Management.