Hong Kong emerges as the most expensive place for education
Dubai: Education in the UAE doesn’t come cheap.
Parents in the country shell out nearly half a million dirhams in their lifetime just to ensure their child gets the full education they need.
According to a study released by HSBC, sending a child to school in UAE, from primary to university, will cost about $99,378 (Dh365,025), the second highest in the world.
The cost covers tuition fees, educational books, transport and accommodation. The figure comes second only after after Hong Kong, where parents fork out an average of $132,161 to cover school costs.
Data
The data, released by HSBC’s The Value of Education series this month, were based on the survey of more than 8,400 parents in 15 countries and territories.
Families from the surveyed countries spend an average of $44,221 on child’s education, much lower than the fees incurred by households in the UAE.
Education expenses are one of the biggest expenses of households worldwide. Nearly nine out of ten parents globally said they set aside their own income to cover the cost of their child’s current stage of education.
About 85 per cent are also paying for their child’s university or college costs.
Only a small portion of students cover their own expenses, with 15 per cent of those still in tertiary education saying that they contribute towards funding their own education, while 16 per cent get support from the government.
“In today's highly competitive global job market, education for young people has never been more important. Parents across the world appreciate this and are willing to invest time and money to help their children get the best start in life,” said Charlie Nunn, HSBC’s group head of wealth management.
“Their unwavering support shows in the personal, lifestyle and financial sacrifices they are making. From forfeiting 'me time' to giving up hobbies or reducing leisure activities, parents are going the extra mile to help their child succeed."
© Gulf News 2017
