By Joe Nunes, President, Actuarial Solutions Inc.
November 6 was “take your kid to work day” so I have been thinking about education a little more than usual.
Saving for post-secondary education for our three boys is the top priority for the Nunes family right now. You might think an actuary would be saving for retirement – and we are doing that too – but the immediate focus is on the kids. Adam started Grade 9 this year and Michael and David are right behind him finishing up Grade 8. It doesn’t take a PhD in demography to see the huge hit we having coming from 2017 to 2021… or maybe 2025 depending on how much post-secondary education is needed to get them on their way in life. The only certainty is that I won’t be retiring until school is paid for however long that takes.
When Paula and I met, my mantra was my father’s: “Every child must get at least one university degree.” Over the years I have softened my view for two reasons. First, I don’t think that every kid’s best future follows the university road. Some will be better off at college or developing a trade.
Pushing them down the wrong road is a waste of time and money and is likely to cause a lot of unnecessary strain in relationships. But the bigger question for me today is the question of what value university represents today and how that compares to the cost? (continued.)