Written by: Kaleido
“Mom and dad, when I grow up I’m going to be a doctor!” According to a recent survey conducted by the firm CROP* for Kaleido, nearly half of the children in Quebec (44%) dream of a profession that requires a university degree. In fact, one in five children wants to work in the field of healthcare and social services, 13% aspire to a professional occupation and 11% for employment in the field of science and technology.
The survey reveals that one in ten parents (12%) doesn’t think they can afford to pay for their child’s post-secondary education. According to Statistics Canada and the Quebec Ministère de l'Éducation, du Loisir et du Sport (MELS), it currently costs $37,000 to complete two years of CEGEP and three years of university in Quebec, excluding housing expenses. However, 7 out of 10 respondents whose children had the highest ambitions believe these costs represent less than $30,000. This statistic increases to nearly 8 out of 10 if you include all the parents surveyed.
Moreover, when asked how they were saving for their children’s post-secondary education, 31% of parents admit they are not saving at all, and only 36% invest in an RESP. However, RESPs and the generous grants to which they entitle are an important asset that parents should be aware of.
And yet, tuition fees have been a hot topic in the media on several occasions in recent years. It then stands to say that these costs do not represent a significant motivational factor for parents. According to a report by the Canada Education Savings Program (CESP)** Quebec remains one of the Canadian provinces with the lowest rate of RESP contributions. This suggests that Quebec may have to forego a number of potential future graduates if education savings do not grow in popularity in the coming years.
*Online CROP survey using a Web panel from December 4 to 16, 2013 and included 503 Quebec parents with children aged 6-16 years.
**2013 CESP Annual Statistical Review, section 3.3, https://www.canada.ca/en/employment-social-development/corporate/reports.html