Mr Charlie Nunn, Group Head of Wealth Management, HSBC, begins the Foreword of HSBC’s latest Global Report, titled The Value of Education Learning for life, with these wonderful words:
“University education is the gateway to a successful and happy future. Equipping young people with the core and softer skills they need to enter their careers and achieve their goals, it also benefits the wider society, as highly educated graduates will help improve medical care, foster innovation or run successful businesses.”
Most parents know – or are expected to know – the value of education. They have built their life and careers upon good education or, perhaps, suffered from the lack of it. Either way, they are usually eager to support their children in obtaining a good education and embarking on a stable career. They know a good education increases the chances of a better life for their children, and they are willing to leave no stones unturned to put their children through college and university.
Through, perhaps, a sense of cognitive bias, parents urge their children to follow paths which the parents already know such as that of an engineer, a doctor, a lawyer, an accountant, a government servant, a teacher… or, for the men particularly, join the defence services which brings in honour for the family. Not only are these careers tried and tested as far as the parents are concerned, but these career choices are often reflections of the career ambitions of the parents themselves.
Even if the career preferences for their children aren’t a reflection of their career ambitions, when parents consider higher or university education for their children, they usually have a career or a small set of careers in mind for their children. This is mostly true for developing or Third World economies as not only are these economies tradition-based socio-culturally, but also, not being at par with the developed economies, they cannot offer their students the education or the opportunities of the plethora of careers available to students in developed economies.
This last point of a lack of opportunities for their children after university education is a key criterion for parents in developing or Third World economies. The assessment of a lack of opportunities is an evaluation of immediate jobs, income, social status and respect, future income-earning potential, and an overall fit into society. Parents from most tradition-based economies believe that the careers their children choose should also add value to society at large. Hence, typically, a doctor with an MBBS is valued higher than a designer with a diploma from an Arts college working for an advertising agency.
Of course, this worldview is only partially true for developed economies. The plethora of courses available in higher education, the quality of education, the research facilities, the multitude of career options, the greater number of jobs available, and the higher income-earning potential for students rule the decision-making for parents. Parents in developed economies tend to sit on this bedrock of an education ecosystem and focus on their children’s strengths and on their children’s ambitions. Hence, students in developed economies have the opportunity to not only become an engineer, a doctor or a government servant, but also pursue careers in areas such as graphic design, marine biology and neuroscience.
[Citation: The Value of Education Learning for life, HSBC Holdings plc, London 2015 (PDF)]