According to 79% of parents, university is a ‘must have’ for their children to achieve their life goals.

HSBC’s Learning for Life report reads this.

The survey of more than 5,550 parents found that 79% of parents 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.

50% of parents think that a postgraduate degree is the minimum qualification required for their child. According to 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. The 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.

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.

The parents expect to spend 6.7 years repaying borrowing for child’s education. Medicine takes the top spot, preferred by 19% of parents. Other desirable occupations favored by parents are engineering (11%) and computer science (8%).

According to the latest data provided by the Armenian National Statistical Service, 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%).

“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. In 2013/14, the number of students excelling in their education by doing Masters degree has increased by more than 300% against the same numbers for 2009/10”, Mariam Adamyan, Manager Communications of HSBC Bank Armenia CJSC said.

She attached importance to parents’ initial planning of education and savings to this end.