CAN YOU AFFORD TO EDUCATE YOUR CHILDREN? MORE IMPORTANTLY, CAN YOU AFFORD NOT TO?
As it becomes more and more difficult for young people to afford a college or university education, it also becomes more and more important they get one. Currently, two-thirds of all new jobs require a post-secondary education.* We believe this statistic is likely to increase rather than decrease. Find out how much it could cost to give your child the benefit of a higher education.
LET’S DO SOME MATH.
For the class of 2016…
These are the kids who entered their first year of university or college in September 2012, for whom the average costs associated with the first year of university are close to $10,000, when you include tuition, fees, books, transportation and the occasional night out. Living in residence or a shared apartment can easily add another $7,000 or so over the school year.**
Multiply that by 4…
What do you get? For parents who haven’t planned ahead, a four-year university program can quickly amount to a $70,000 anxiety attack.
And 18 years from now…
Let’s suppose costs rise a modest three per cent annually. Children born in 2012 could be looking at a bill of almost $28,000 for their first year of post-secondary education.
*Statistics as per www.pathwaytoprosperity.ca
** Your 2012 Guide to Education Costs. Knowledge First Financial.