In a recent survey conducted by Embark Student Corp., it was found that a majority of Canadian parents are feeling the financial burden of funding their children’s university education. Despite this, they are determined to make sacrifices to ensure their kids have the opportunity to pursue higher education.
According to the survey, 54% of parents dread the time when they have to start paying for their child’s university education. However, the belief in the importance of higher education is so strong that many parents are willing to make significant financial sacrifices. For example, 66% of parents are willing to delay retirement to help their child pay for university, and 57% are open to taking on debt to cover some of the costs.
The cost of undergraduate education in Canada is estimated to be around $30,000 per year, with tuition fees ranging from $2,500 to $11,400 per year for Canadian citizens and permanent residents. The rising cost of living and inflation have made it challenging for parents to save for their child’s education, with 75% finding it difficult to save for the future.
Despite the financial challenges, three-quarters of parents believe that post-secondary education is critical to their child’s success. The survey highlights the significant financial burden that student debt poses, with 47% of students owing debt at the time of graduation, with an average debt of $25,000.
Overall, the survey reveals the lengths to which parents are willing to go to support their children’s education, even in the face of financial challenges and uncertainties.