|By PR Newswire||
|August 25, 2014 06:00 AM EDT||
Parents are willing to pay for majority of their children's college or university costs, expected to be around $64,000 per child, but their kids think they are only covering a third of the tab
TORONTO, Aug. 25, 2014 /CNW/ - Two new polls from CIBC (TSX: CM) (NYSE: CM) show that Canadian parents and their kids are on different pages when it comes to financing post-secondary education.
Parents, on average, are willing to pay for two-thirds of their children's post-secondary education and some are planning to pick up the full tab. Their kids, however, think their parents are only paying for a third of their costs. The good news for parents is that 41 per cent of their children think even that is too much and say their parents should contribute 25 per cent or less.
Key poll findings include:
"Parents and students need to understand the cost realities of post-secondary education and in many cases what each will contribute to share the expenses," says Marybeth Jordan, Managing Director and Head, CIBC Investor's Edge. "Part of the disconnect between parents and their children is likely that students aren't accounting for all of the costs beyond tuition. That's why the conversation between parents and students about the full costs of education, and how to pay for it, needs to start long before the first tuition payment is due."
"While it's clear from our polling that parents want to help pay for their children's post-secondary education, in most cases they are taking on the lion's share of a rapidly rising expense - and covering far more than their kids realize," adds Ms. Jordan.
Parents and students need to prepare for the cost realities of post-secondary education
A recent CIBC poll found that students are finding it difficult for students to cover their own education costs due to both a tight labour market and the rising costs of post-secondary education in Canada. Tuition costs alone have increased by 44 per cent in Canada over the past decade, according to the Canadian Centre for Policy Alternatives.
"Given that parents today expect that it will cost about $64,000 to put each child through school, it is extremely difficult to play catch up on an education fund when their kids are in high school," says Ms. Jordan. "It's important for parents to include education in their overall financial plan and start making contributions, no matter how small, while their kids are young."
"Not having a plan can compromise their own financial priorities of paying down debt and saving for retirement," she adds.
Tips to help manage education costs:
Build an education plan - Parents should consider the real costs of post-secondary education and
build a savings plan that outlines how much the student will cover and
how much the parents will contribute.
Use a Registered Education Savings Plan (RESP) - An RESP builds education savings faster, taking advantage of the Canada
Education Savings Grant to grow your investment. CIBC Investor's Edge
was the first bank-owned self-directed brokerage to remove
administration fees for RESP accounts, helping parents to start small
and save more for their children's education.
Start the conversation early - Parents and students should discuss post-secondary education goals to
understand if the student intends to pursue higher education and, if
so, whether they plan to attend college or university and whether they
will stay at home or go away to school.
Create a budget - Having a financial plan in place for students before school starts can
help make the most of your resources. Use the CIBC online Budget
Calculator to get a clear picture of all your expenses, and how much
you have to spend.
Track spending - Use the CIBC Mobile Banking App to see account transactions and
balances in real time. Services such as CIBC CreditSmart® can also help
students stick to their budget, by allowing them to set a budget limit
on each spending category on their credit card, and be notified by
phone, email or online message when they exceed their customized
- Student Banking Offer - CIBC offers a bank account for students with unlimited transactions and no monthly fees. A CIBC student bank account makes student life simple and provides peace of mind that their everyday banking won't lead to unexpected charges.
KEY POLL FINDINGS
The average percent that parents with children under 25 in Canada plan to pay for their child's post-secondary education:
The average expected cost that parents with children under 25 in Canada think their child's post-secondary education will be:
The sources by which college and university students in Canada expect their post-secondary expenses will be paid:
|Students, through their jobs||33%|
|Parents or other family||33%|
|OSAP / Government loan||18%|
|Scholarships or bursaries||10%|
|Personal loan / line of credit||4%|
The percentage which college and university students think their parents should contribute to their school expenses:
|Between 0 and 25%||41%|
|Between 26 and 50%||27%|
|Between 51 and 75%||15%|
|Between 76 and 100%||16%|
Leger conducted an online survey of 1,056 Canadian parents with children under 25 between July 21 and 23, 2014 and 500 Canadian university or college students between July 10 and 17, 2014. The survey of parents has an associated margin of error for a probabilistic sample of the same size of +/-3.1%, 19 times out of 20. The survey of post-secondary students has an associated margin of error for a probabilistic sample of the same size of +/-4.38%, 19 times out of 20.
CIBC is a leading Canadian-based global financial institution with nearly 11 million personal banking and business clients. Through our three major business units - Retail and Business Banking, Wealth Management and Wholesale Banking - CIBC offers a full range of products and services through its comprehensive electronic banking network, branches and offices across Canada with offices in the United States and around the world. You can find other news releases and information about CIBC in our Media Centre on our corporate website at www.cibc.com.
The speed of software changes in growing and large scale rapid-paced DevOps environments presents a challenge for continuous testing. Many organizations struggle to get this right. Practices that work for small scale continuous testing may not be sufficient as the requirements grow. In his session at DevOps Summit, Marc Hornbeek, Sr. Solutions Architect of DevOps continuous test solutions at Spirent Communications, explained the best practices of continuous testing at high scale, which is rele...
Jul. 28, 2015 11:00 PM EDT Reads: 1,337
"We got started as search consultants. On the services side of the business we have help organizations save time and save money when they hit issues that everyone more or less hits when their data grows," noted Otis Gospodnetić, Founder of Sematext, in this SYS-CON.tv interview at @DevOpsSummit, held June 9-11, 2015, at the Javits Center in New York City.
Jul. 28, 2015 10:45 PM EDT Reads: 997
"We've just seen a huge influx of new partners coming into our ecosystem, and partners building unique offerings on top of our API set," explained Seth Bostock, Chief Executive Officer at IndependenceIT, in this SYS-CON.tv interview at 16th Cloud Expo, held June 9-11, 2015, at the Javits Center in New York City.
Jul. 28, 2015 08:00 PM EDT Reads: 548
Learn how to solve the problem of keeping files in sync between multiple Docker containers. In his session at 16th Cloud Expo, Aaron Brongersma, Senior Infrastructure Engineer at Modulus, discussed using rsync, GlusterFS, EBS and Bit Torrent Sync. He broke down the tools that are needed to help create a seamless user experience. In the end, can we have an environment where we can easily move Docker containers, servers, and volumes without impacting our applications? He shared his results so yo...
Jul. 28, 2015 07:15 PM EDT Reads: 711
Explosive growth in connected devices. Enormous amounts of data for collection and analysis. Critical use of data for split-second decision making and actionable information. All three are factors in making the Internet of Things a reality. Yet, any one factor would have an IT organization pondering its infrastructure strategy. How should your organization enhance its IT framework to enable an Internet of Things implementation? In his session at @ThingsExpo, James Kirkland, Red Hat's Chief Arch...
Jul. 28, 2015 06:30 PM EDT Reads: 1,368
Chuck Piluso presented a study of cloud adoption trends and the power and flexibility of IBM Power and Pureflex cloud solutions. Prior to Secure Infrastructure and Services, Mr. Piluso founded North American Telecommunication Corporation, a facilities-based Competitive Local Exchange Carrier licensed by the Public Service Commission in 10 states, serving as the company's chairman and president from 1997 to 2000. Between 1990 and 1997, Mr. Piluso served as chairman & founder of International Te...
Jul. 28, 2015 05:30 PM EDT Reads: 247
It is one thing to build single industrial IoT applications, but what will it take to build the Smart Cities and truly society-changing applications of the future? The technology won’t be the problem, it will be the number of parties that need to work together and be aligned in their motivation to succeed. In his session at @ThingsExpo, Jason Mondanaro, Director, Product Management at Metanga, discussed how you can plan to cooperate, partner, and form lasting all-star teams to change the world...
Jul. 28, 2015 04:30 PM EDT Reads: 1,748
Public Cloud IaaS started its life in the developer and startup communities and has grown rapidly to a $20B+ industry, but it still pales in comparison to how much is spent worldwide on IT: $3.6 trillion. In fact, there are 8.6 million data centers worldwide, the reality is many small and medium sized business have server closets and colocation footprints filled with servers and storage gear. While on-premise environment virtualization may have peaked at 75%, the Public Cloud has lagged in adop...
Jul. 28, 2015 04:00 PM EDT Reads: 2,177
The Internet of Everything (IoE) brings together people, process, data and things to make networked connections more relevant and valuable than ever before – transforming information into knowledge and knowledge into wisdom. IoE creates new capabilities, richer experiences, and unprecedented opportunities to improve business and government operations, decision making and mission support capabilities.
Jul. 28, 2015 04:00 PM EDT Reads: 209
How do you securely enable access to your applications in AWS without exposing any attack surfaces? The answer is usually very complicated because application environments morph over time in response to growing requirements from your employee base, your partners and your customers. In his session at @DevOpsSummit, Haseeb Budhani, CEO and Co-founder of Soha, shared five common approaches that DevOps teams follow to secure access to applications deployed in AWS, Azure, etc., and the friction an...
Jul. 28, 2015 03:30 PM EDT Reads: 479
SYS-CON Events announced today that MobiDev, a software development company, will exhibit at the 17th International Cloud Expo®, which will take place November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. MobiDev is a software development company with representative offices in Atlanta (US), Sheffield (UK) and Würzburg (Germany); and development centers in Ukraine. Since 2009 it has grown from a small group of passionate engineers and business managers to a full-scale mobi...
Jul. 28, 2015 03:30 PM EDT Reads: 165
Digital Transformation is the ultimate goal of cloud computing and related initiatives. The phrase is certainly not a precise one, and as subject to hand-waving and distortion as any high-falutin' terminology in the world of information technology. Yet it is an excellent choice of words to describe what enterprise IT—and by extension, organizations in general—should be working to achieve. Digital Transformation means: handling all the data types being found and created in the organizat...
Jul. 28, 2015 03:00 PM EDT Reads: 1,059
The Software Defined Data Center (SDDC), which enables organizations to seamlessly run in a hybrid cloud model (public + private cloud), is here to stay. IDC estimates that the software-defined networking market will be valued at $3.7 billion by 2016. Security is a key component and benefit of the SDDC, and offers an opportunity to build security 'from the ground up' and weave it into the environment from day one. In his session at 16th Cloud Expo, Reuven Harrison, CTO and Co-Founder of Tufin,...
Jul. 28, 2015 03:00 PM EDT Reads: 454
The Internet of Things is not only adding billions of sensors and billions of terabytes to the Internet. It is also forcing a fundamental change in the way we envision Information Technology. For the first time, more data is being created by devices at the edge of the Internet rather than from centralized systems. What does this mean for today's IT professional? In this Power Panel at @ThingsExpo, moderated by Conference Chair Roger Strukhoff, panelists addressed this very serious issue of pro...
Jul. 28, 2015 03:00 PM EDT Reads: 1,244
Discussions about cloud computing are evolving into discussions about enterprise IT in general. As enterprises increasingly migrate toward their own unique clouds, new issues such as the use of containers and microservices emerge to keep things interesting. In this Power Panel at 16th Cloud Expo, moderated by Conference Chair Roger Strukhoff, panelists addressed the state of cloud computing today, and what enterprise IT professionals need to know about how the latest topics and trends affect t...
Jul. 28, 2015 02:00 PM EDT Reads: 1,155