HSBC’s The Value of Education: Price of Success Report
The Value of Education is HSBC’s global study into education trends, examining parents’ hopes and fears for their children’s education, and their attitudes and behaviors towards funding. This year’s survey titled, “The Price of Success”, also explores students’ own experiences while studying. Read the full HSBC report.
These findings are from the fifth survey in the series and represent the views of 10,478 parents and 1,507 university students in 15 countries and territories. This factsheet represents the views of 519 parents and 105 students in the USA. There are also some practical tips to help parents better prepare for their children’s education.
Key findings:
- USD99,417 is the average amount students say they spend over the course of a degree
- 85% of students are working in paid employment while studying
- 62% of parents stopped or reduced their leisure activities to support their child’s university education
- 74% of parents believe computer programming is a necessary skill in today’s world
- 48% of parents funding a child at university wish they had started saving earlier for their education, while 40% wish they had saved money more regularly
Parents and students agree that future education should focus more on softer skills to better prepare their kids for the world of 2030 and beyond. The the top 3 skills are:
- For parents: critical thinking, problem solving, and science, technology, engineering and mathematical skills
- For students: critical thinking, social skills and problem solving.
Here are some practical steps drawn from the research findings, for parents to consider when planning for their children’s education:
- Start planning early
- Be realistic about the costs
- Instill good financial habits
- Invest in a range of skills
Source: hsbc.com