As far as Canada is concerned, I'm going to have to call "BULLSHIT!" on that one.
I've got a diploma in the Media Arts, and had to go into business for myself. After 12 years, I'm still at it part-time. My day job is on an assembly line, where I work with many people who have all sorts of practical degrees.
My wife, on the other hand, has degrees in International Relations, Business, a Teacher's certificate, 'Special Needs' certification, and several upgrades to that Teacher's certificate. She works the midnight shift on a different assembly line.
I know that flies in the face of what we've been told, but the truth of the matter is, we've got an overabundance of highly educated people who are vastly underemployed. We've got Comp Sci grads working at WalMart, and Lawyers driving cabs.
Don't belive me? Check this out, a recent cover of Maclean's... Canada's equivalent of "Time" magazine.
My advice: Save your money. Don't buy into the bullshit that an education is going to give you a future. It's not. Most of the jobs have been shipped off to India & China.