For ensuring a bright future for their children, Singaporean parents spend an average of USD70,939 (SGD96,196) a year on their children’s education, which is almost double the global average of USD44,221 (SGD60,114), says a report by HSBC. However, Indian parents spend about USD18,909 on educating their children.
Singapore has also come third in the global ranking in terms of spending on children’s education, after Hong Kong and United Arab Emirates (UAE). Education costs include school and university tuition fees, educational books, transport and accommodation- covering primary, secondary and tertiary education, upto the undergraduate level.
Hong Kong has topped the list as parents splurge USD132,161 on their children’s education, followed by UAE (USD99,378). India sits in the twelfth position as parents spend USD18,909 annually for education of their children. In China, parents spend an average of USD42,892 annually, while parents in Malaysia fork out an average of USD25,479 and in Indonesia the amount is even lower at USD18,422.
These figures have come up in the Value of Education report commissioned by HSBC. It is an independent consumer research study into global education trends. This report is the fourth in the series and represents the views of 8,481 parents in 15 countries and territories.
Anurag Mathur, head of Retail Banking and Wealth Management, HSBC Bank (Singapore) said, “In today’s highly competitive global job market, education has never been more important. Singaporean millennials parents are investing both their time and money to help their children get the best start in life and for many that means an overseas education.”
About 82 per cent of Singaporean parents said they are paying for private tuition or have done so in the past, and four out of five parents have started making plans for their child’s education even before the child begins primary school at age seven years.
In Singapore, parents spend USD72,522 a year if their children are enrolled in private education, and USD66,075 if their children’s education is through the state-funded system. When broken down, the average of USD70,939 is allocated accordingly: USD16,866 for primary education, USD28,504 for secondary education, and USD25,569 for tertiary education.
In addition to this, Singaporean parents are also not far behind in giving their children high class education. Almost half would consider an overseas university education for their children, with Australia being the top favoured destination. Parents surveyed said they were more likely to consider a postgraduate education (40 per cent) than an undergraduate education (34 per cent) abroad.