When it comes to investing in a child’s education, parents in Hong Kong spend the most; on average over $130,000 from primary school all the way through to university.
Cost of education in UAE tops $100,000 per child on average, while Singaporean mums and dads pay $70,000.
In the US – home to six of the top 10 global universities – parents spend an average of $58,000 – less than half the average spend in Hong Kong.
That’s according to a new study by HSBC, which looked at how much parents in different countries and territories around the world spend on their children’s education.
The average spend in France is the lowest of the 15 countries surveyed, at just $16,000. It’s a similar story for India, Indonesia and Egypt, where parents all spend less than $20,000 on average on their children’s education.
French parents are also pretty pessimistic about their offsprings’ prospects. Less than half (42%) are confident of a bright future for their children, compared to the global average of 75%. Those with the most optimistic views can be found in Asia, almost one in nine parents in India (87%) are optimistic about their children’s future, and 84% of parents in China said they felt the same.
Funding their children’s education is a top priority for most parents; 87% of parents around the world are helping to fund their child’s education.
This includes paying for school/university tuition fees, books, uniforms, transport and accommodation. And parents are going to great lengths to ensure that they can invest in their children’s future. They make many personal sacrifices, including cutting back on hobbies or reducing their leisure activities, including holidays.