Importance Of Education
The amount of education a person receives is directly related to their personal empowerment and family happiness. Additionally, it has been shown to affect the political stability and economic growth within a country. Armed with this information, many parents around the world hope to provide their children with the best educational opportunities available. In order to get a head start, they start investing in their children’s education at the primary level and continue through the undergraduate degree. This article takes a closer look at the top 3 countries where parents spend the most money on their children’s education including tuition, books, room and board, and transportation.
Spendings On Education
According to statistics collected across 15 countries, the global average of the total amount spent on primary, secondary, and tertiary education is about $44,221. Of those individuals surveyed, 87% report that they contribute to the cost of their children’s education and 82% report that they are willing to make personal sacrifices in order to see their children succeed in life. These parents are making sacrifices like reducing entertaining activities (40%), working overtime (21%), reducing retirement savings (20%), and even working a second job (18%). Around 74% of these parents say that they use daily salaries to pay for education needs. In contrast, only around 15% of university students report contributing financially to cover their educational costs.
Countries Where Parents Spend The Most On Their Child's Education
Hong Kong tops the list of the most money spent on children’s education with an average contribution of $132,161. This average is affected by the amount spent on private education in this country. For example, parents in Hong Kong report spending only around $96,735 if their children attend public education institutions. For private schooling, that number increases to $211,371. Hong Kong is part of the recently documented trend of extreme education spending seen across Asia. Experts claim that parents across many Asian countries are so dedicated to their children’s educational future that they are taking extreme measures in order to pay the costs.
United Arab Emirates
The second highest spending average on children’s education is seen in the United Arab Emirates. In this country, parents report paying $99,378 for all primary, secondary, and tertiary education costs. Some businesses in the UAE provide educational packages for the children of their employees, although that is only for primary and secondary level classes and is only available to a small number of employees. Of the parents surveyed, 64% in this country reported a willingness to go into debt to make sure their children receive a university-level education. Additionally, 41% of respondents claim that their children’s education is more important to them than their own retirement funds.
Parents in Singapore spend the third highest amount on their children’s education. Here, the individuals surveyed reported paying an average cost of around $70,939 for all 3 levels of education. According to some researchers, the economy of this country relies on a large number of highly educated and specialized employees. The parents here have responded to this economic need by doing everything possible to ensure their children gain the necessary skills and knowledge to be competitive in the future job market.