Education is the future. It seems I’ve been hearing this phrase from my parents, coaches, and teachers since I was born. Just like everything that has a future, education also has a price. How much are parents willing to pay for their child’s schooling? In the U.S., most parents often say they “saving for college” when it comes to spending money on their child’s education. According to an annual survey
from HSBC, a UK-based bank, parents in Hong Kong spend more for their children education than any country. Parents in Hong Kong spend an average of $130,000 per child. The United Arab Emirates ($100,000) and Singapore ($70,000) comes in second and third respectively.
The survey polled 8,481 parents across 15 countries earlier this year. The parents had to have at least one child under the age of 23 currently enrolled in school. The survey asked parents spending habits on their child’s education throughout different levels of schooling such as fees, books, transportation, and accommodation. Researchers not that some of the disparities in spending among the 15 countries (e.g. Egypt, Malaysia, China, France, Canada) can be accounted for by country GDP and parents’ overall feelings about education.