Is the Cost of Post-Secondary Education Worth it?
September 11, 2023
Postsecondary education is expensive, and families must make the decision whether it’s worth it, writes Peter Watson.
The financial decision to spend money on a child’s postsecondary education can have major implications for a family’s finances.
For many families, the dream their children will go to university is strong.
And there are many advantages.
Your child leaves home for a four-year degree and returns as a young adult. University graduates often have higher employment income than those without.
If financial considerations are key, consider the option of a child starting to work four years earlier and earning an income. Plus, the money saved by not attending university could be invested or could result in not accumulating debt.
Leaving high school and entering a working apprenticeship program has many advantages. There are strong employment opportunities in the trades. Canada is growing and men and women with the necessary training can have a good career.
If your child is an entrepreneur, there will be many opportunities for those qualified in the trades to start their own business. Operating a business could be both satisfying and profitable.
Attending college is another option. Tuition is far less than attending university and it is likely your child can continue living at home which reduces expenses even further.
Colleges offer a wide range of courses that can prepare graduates to qualify for certain jobs. This is not always the case with university grads.
There are many attractive options for young adults. What children pursue after leaving high school will greatly influence the life they lead.
There are many considerations including financial. The challenge for the student with the support of their family is to choose their own path.
Peter Watson, of Watson Investments MBA, CFP®, R.F.P., CIM®, FCSI offers a weekly financial planning column, Dollars & Sense. He can be contacted through www.watsoninvestments.com