- November 22, 2018
In our world, education has never been cheap. In fact, in the next few decades, future parents can expect the cost of this necessity of social advancement to rise exponentially. In Barbados, Primary and Secondary Education is free while in The Bahamas, only three quarters of schools government operated while the remainder are private. But tertiary institutions continue to be a major financial burden; increasing in cost as campuses are marketed similar to tourist destinations with the prices to match.
Additionally, in the present global job market, there is a demand for professionals or trained individuals who specialized in STEM (Science, Technology, Engineering, and Mathematics) and the programmes associated with these subjects can be expensive. Therefore, parents need to plan and invest resources during their child’s early years. If the future is to be secured, there is a need to provide the financial net for generations to come.
Families must think beyond their national borders and understand their children may opt to study internationally and save for it. But is it worth it? These are uncertain times, volatile international stock markets, slow growing economies, the fallout of Brexit and global recession. In Barbados, the recent austerity measures have meant that there are less resources for development initiatives. But despite the hard times, young people still desire to better themselves through tertiary education. They know if they are going to create a better future, they will need a sound education as their foundation.
Education is A Good Return On Investment
Organization for Economic Cooperation and Development (OECD) 2013 report, “Education At A Glance” had provided data on forty countries. From 2008 to 2011, unemployment rates increased and continue to rise steadily impacting on the youth. Yet, the gap between the qualified and unskilled earnings has widened by fifteen percent in the three year period. This means although there is a significant number of unemployed young people, the persons who are within the workforce today are more likely to have completed a degree whether academic or vocational at a tertiary institution. But what is this going to cost?
Securing Today, Investing in Tomorrow
The average first degree can cost a student between $25,000 to $50,000 and this can increase depending on the subject or institution that is selected by the student. In some cases, this does not take into consideration other expenses like accommodation, travel and study materials. As a result, hundreds of graduates (or their parents) find themselves in deep debt which can hinder their efforts to start out in life. They are unable to buy a car, rent an apartment or pursue entrepreneur endeavors because they lack flexibility in their personal finances or do not have the resources to save for the future. As for parents, they are unable to retire when they wish and find themselves taking on debt when they should be close to being debt free.
Some young people also wish to pursue a Master’s degree as they understand that in these times, the more qualified they are the more money they can earn in their specialized fields. With tuition costing in the tens to hundreds of thousands, parents cannot afford to procrastinate or wait until high school graduation to seek funding. Thanks to products like the RF Educational Investment Account, while children are in primary or secondary school, every month, every milestone, every birthday, with a little investment, families, and friends can help secured for their future.
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