According to a survey announced by HSBC in May 2016, Singaporean parents place their children’s education near the top of their financial pyramid, with more than half of parents surveyed stating that they would be willing to go into debt to fund their children’s university education.
This survey revealed that 55% of Singaporean parents rated funding their children’s education as more important than paying bills and saving for their own retirement, while 38 per cent said that they prioritise it over paying their mortgage.
The study, which surveyed more than 6,200 parents across 15 countries, also found that Singaporeans are willing to spend their hard-earned money to back up the strong emphasis placed on education.
In fact, parents in Singapore spend an average of US$15,623 (S$21,061) per year on their child’s university education, more than twice the global average of US$7,631.
Of the 15 countries in the survey, only parents from the United Arab Emirates and Hong Kong spend more than Singaporeans at US$18,360 and US$16,182 a year respectively. Parents in Egypt and Indonesia spend the least on average.
Source: The Straits Times, 9 June 2016