Parents in the UAE among the world’s top three spenders on a child’s education

Parents in the UAE among the world’s top three spenders on a child’s education

New research from HSBC’s annual report ‘Value of Education 2017: Higher and higher’ shows that UAE parents are, on average, the world’s second highest spenders on a child’s education.

According to the global report, parents in the UAE spend an average of USD 99,378 in total on a child’s education from primary school up to undergraduate level at university. The report surveyed more than 8,400 parents across 15 countries and territories and found that parents in Hong Kong spent the highest average total on education at USD 132,161. Singapore’s parents incur the third highest average total cost at USD 70,939.

Apart from financial commitments, most (89%) parents are ready to make personal sacrifices for their child to succeed.

Confidence in higher and international education

Parents in the UAE are optimistic their children will reach their full potential and be successful in the future. Nearly all (93%) parents would consider a university education for their child with (90%) considering postgraduate studies. Parents considering a university education abroad for their child enjoy a higher level of confidence it will result in a great job (81%) compared with those who do not (75%).

As the job market becomes increasingly global, more parents are planning to send their child abroad for higher education because it provides them with international work opportunities, foreign language skills and exposure to wider cultural experiences. However, this adds to the cost and complexity. A university education abroad is likely to involve higher tuition fees, different university and visa applications, and more international travel for open days, entrance interviews and, eventually, family visits between terms.

Although 65% of parents would consider university abroad for their child, according to this year’s Value of Education report, 34% of them do not know how much it would cost.

Parents in the UAE who would consider university education abroad, the UK (48%) stands as the most popular destination of choice followed by the USA (47%) and Australia (34%) in third place.

Medicine (22%) is UAE parents’ most preferred university field for their child to study, with engineering (17%), business, management and finance (12%), computer and information sciences (9%) and architecture (5%) making up the top five most favoured courses.

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