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Value of Education

Value of Education

Our new Global Report - Higher and higher, explores parents' attitudes towards education. It is the fourth in the series and represents the views of 8,481 parents in 15 countries and territories, 519 of which are based in the UAE.

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Education has always been key to getting a good job. A global job market means steep competition for the best roles. It also means new opportunities for young people with the right skills.

But a good education comes at a price. Even where tuition fees are covered, the cost of textbooks, travel and accommodation add up.

While many parents aim to set money aside in advance to cover at least some of the cost, most fail to plan adequately. A total of 68 per cent of parents end up using day-to-day income to help fund their child's education. And some work extra hours, cut back on their personal savings, or even take a second job.

Average parental spend on their child's education

Statistics presented in this table are from the

HSBC Global version

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of this report

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With the rise of the information economy and a challenging job market for young people, education has never been more important than it is today. Parents know this and they are willing to go to great lengths to secure the right educational opportunities for their children."

Charlie Nunn
Group Head of Wealth Management, HSBC

Practical steps

Here are some important insights and practical actions drawn from the research findings, for parents to consider when planning for their children's education.

Start planning early 

53%

of parents wish they had started saving earlier, and 48% wish they had put more money aside for their child's education

Early planning and saving for education can help your children fulfil their potential and limit the strain on family finances. Seeking professional advice can help you plan and make better informed choices

Be realistic about the costs 

USD99,378

is the average amount parents say they spend on their child's primary, secondary and tertiary education

The costs of educating your children from school to university can be very expensive. Be sure to allocate enough money to support their development and attainment through all stages of their education

Consider university abroad 

65%

of parents would consider university abroad for their child, yet 34% of them do not know how much it would cost

A university education abroad can help your children to be independent and enhance their job prospects. Make sure to plan for all the implications including higher tuition fees, international travel and exchange rates

Prepare for the long term 

93%

of parents are currently contributing to funding their child's university or college education and 90% would consider postgraduate education for their child

Parents can still be paying for their children's education well into their twenties. Understand the extra costs of them studying for longer and consider putting plans in place to fund these should the unexpected happen


Read the full report  Read more

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