Post-Secondary Education Quiz

Question #1: How have tuition fees increased compared to the inflation rate in recent years?

A) Tuition fees are rising more slowly than the inflation rate. B)There is no relationship between tuition fees and the inflation rate. Tuition fees have been rising faster than the inflation rate. Tuition fees are protected from the inflation rate by federal law.

The answer is C - Tuition fees from 1998 - 2008 saw an average annual increase of 4.1%, compared to an average annual inflation rate of 2.1% over the same time frame.

Question #2: Assuming the cost of education continues to rise as it has in the past, what could the cost of a four-year university education living away from home be for a child born in 2012?

A) $109,000 B) $ 74,000 C) $204,000 D) $151,000

The answer is D - These numbers are a few years old as it takes a while to collect the data and they are also an average across Canada. But you can see how someone starting school this fall could only be paying $70K for the same program as someone born in 2012 and they'd be paying more than double the cost.

Question #3: While most parents hope their children will go on to post-secondary education, how many have a specific savings program in place?

A) 25% B) 50% C) 75% D) 99%

The answer is B - 50% Young people are more likely to pursue a post-secondary education if their parents have set money aside.

Question #4: What percentage of new jobs in Canada require a post-secondary education?

A) Half B) A quarter C) Two-thirds D) Three-quarters

The answer is C - Two-thirds. Job opportunities for those without a post-secondary education are dropping, but rising for those with higher education.

Question #5: How does education level affect earnings over time?

A) University graduates typically earn less money than those with a high school diploma. B) There is no noticeable difference. C) Earnings of those with post-secondary education outpace those with less than high school as they age. By their 50's, those with less than high school education earnings have equal to those with post-secondary education.

The answer is C - People with post-secondary education are more likely to find a job, keep it and earn substantially more money than people without a post-secondary education. Someone with a college diploma will earn $394,000 more than a high school graduate over 40 years, while those with a university degree will earn $750,000 more.