79% of parents consider university a ‘must have’: HSBC survey

PanARMENIAN.Net - A new HSBC report conducted in 16 countries reveals that 64% of parents say that being happy in life is one of the most important goals they have for their child, compared to only 30% who say career success.

The survey of more than 5,550 parents found that 79% of parents consider university a ‘must have’ for their children to achieve their life goals, and they expect universities to deliver more than just academic skills with over eight in ten parents saying they must teach children to become independent and financially responsible.

HSBC’s Learning for life report, the second in The Value of Education series, found that many parents have high expectations of education for their child, with 50% saying that a postgraduate degree is the minimum qualification required for their child to achieve their most important goals in life. It also reveals that 47% of parents think it will be harder for their children’s generation to find a job after finishing education than it was for their own generation. In order to increase their children’s chances of standing out from their peers, parents are considering topping up a domestic university education – and are willing to pay more for it.

Study found that to give their child a head start in the job market 77% of parents would consider sending their child abroad for either an undergraduate or postgraduate education. Recognizing that international education comes with higher costs, HSBC report shows that around 70% of parents would consider paying more for a university education abroad than for a domestic one. The reports also reveals that the cost of an international university education is the main barrier for 34% of parents who would not consider this option.

Another way parents choose to boost their children’s achievement potential is through extra tuition; 78% of parents have paid or would consider paying for additional tutoring during their children’s education. Cost is a barrier for 19% of parents who are not considering additional tutoring.

72% of parents with a pre-primary school child think they will save up to cover their future university costs; however, only 53% of those with a child at university are funding or planning to fund their contribution from savings. Parents who think they will borrow money to fund their child’s university costs expect to be paying it off on average for 6.7 years after their child graduates, and expect their child to be paying off their own university debt for 7.5 years.

The report found that 83% of parents have a specific occupation in mind for their child, and their preference is for professional, science-based careers, which typically combine relatively high income and job security levels. Medicine takes the top spot, preferred by 19% of parents. Other desirable occupations favored by parents are engineering (11%) and computer science (8%). Among many reasons why parents prefer one occupation over another for their child, the job’s income-earning potential and benefit to society (both 35%) are key considerations.

According to Armstat’s latest available data1 on higher education, while medicine is less popular (5%) in Armenia, economics and management (20%) and human sciences (30% all together) hold the top position among most desirable occupations. Out of 19,000 students admitted to universities in 2013, 1343 students decided to study arts (7%), another 7% chose pedagogics and agrofood (7%).

Aside from academia, parents think it is most important that a university education teaches their children how to become independent (86%), financially responsible (84%), and socially confident (83%), suggesting that to succeed in life, parents expect universities to provide softer as well as academic skills.

Mariam Adamyan, Manager Communications of HSBC Bank Armenia cjsc, commented: “Education of children is extremely important to Armenian parents. An increasingly competitive job market and better access to higher education has made it more difficult for graduates worldwide as well as in Armenia to stand out from their peers. Both, parents and children acknowledge that children need to get to the highest educational level possible.”