When it comes to investing in children’s education, Asian countries seem to be leading the list. Hong Kong tops the list, followed by the UAE both countries spending a whopping US$130,000 and US$100,000 respectively.
Singapore comes a close third, ahead of the US, where parents spend US$70,000 to see their children through primary school to university, according to a survey done by HSBC Bank in 15 countries across the world.
Taiwan is ahead of China, spending US$56,424 annually. However, in Asia, China beats Malaysia and Indonesia and is quite ahead of economic rival India. Of the 15 countries surveyed, France finished last at US$16,000.
According to the survey, French parents are pessimistic about their offsprings’ prospects.
In contrast, Indians are the most optimistic with almost one in nine parents – 87% – believing in a bright future for their children. Chinese parents, too, see hope in their children’s future with 84% of parents stating so.
Apart from the actual fees, parents spend on transport and accommodation. They cut down on their personal expenditure to save for their children.
Parents still favour degrees that lead to traditional jobs, such as Medicine (13%) and those involving business, management and finance (11%) and engineering (10%).
The amount spent may also point to a growing distrust or a lack of faith in public education institutions with parents preferring private tutelage for their children.