MALAYSIAN PAR­ENTS SPEND RM110,000 ON EACH CHILD’S ED­U­CA­TION

Malaysian par­ents top the list on ed­u­cat­ing chil­dren up to var­sity level

New Straits Times - - Front Page -

KUALA LUMPUR

MALAYSIAN par­ents spend an av­er­age of RM109,470 (US$25,479) on their child’s ed­u­ca­tion from pri­mary school up to univer­sity un­der­grad­u­ate level, ac­cord­ing to “Higher and higher”, HSBC’s new re­port in its The Value of Ed­u­ca­tion se­ries.

Of the over 8,400 par­ents in 15 coun­tries and ter­ri­to­ries sur­veyed, par­ents in Hong Kong who spent RM567,394 (US$132,161) on their child were ranked num­ber one glob­ally. This was fol­lowed by the United Arab Emi­rates with RM426,650 (US$99,378) and Sin­ga­pore RM304,568 (US$70,939).

The ex­pen­di­ture con­trib­utes to­wards all as­pects of their child’s ed­u­ca­tion costs, in­clud­ing school/univer­sity tu­ition fees, ed­u­ca­tional books, trans­port and ac­com­mo­da­tion.

In Malaysia, the ma­jor­ity of par­ents (97 per cent) con­trib­ute to­wards the cost of their child’s pri­mary school ed­u­ca­tion, with 93 per cent also con­tribut­ing to­wards their univer­sity or col­lege ed­u­ca­tion, said the study.

The fig­ures are lower glob­ally, how­ever, with 89 per cent of par­ents con­tribut­ing to­wards the cost of their child’s pri­mary school ed­u­ca­tion and 85 per cent for univer­sity or col­lege ed­u­ca­tion.

“On the cour­ses they would like their child to study at univer­sity, Malaysian par­ents were quite am­bi­tious. Medicine (16 per cent), en­gi­neer­ing (14 per cent) and busi­ness, man­age­ment and fi­nance (12 per cent) were the most pre­ferred. This sen­ti­ment by par­ents is shared glob­ally too, with medicine be­ing the most pre­ferred course at 13 per cent,” the study said.

It also said that par­ents in Malaysia were also very op­ti­mistic about their chil­dren ful­fill­ing their po­ten­tial. About 82 per cent of par­ents in Malaysia were con­fi­dent that their child would have a bright fu­ture, a sen­ti­ment equally shared by In­dia (87 per cent and China (84 per cent).

Aus­tralia was the most pop­u­lar choice for Malaysian par­ents to send their chil­dren for over­seas univer­sity ed­u­ca­tion, at 67 per cent, fol­lowed by the United King­dom (38 per cent) and United States (24 per cent).

Glob­ally, the US was the most pop­u­lar choice for coun­tries such as Tai­wan (70 per cent), China (61 per cent) and Canada (61 per cent) to send their chil­dren for over­seas univer­sity ed­u­ca­tion.

It also re­vealed that many par­ents, when con­sid­er­ing univer­sity ed­u­ca­tion abroad for their child, had spe­cific cri­te­ria in mind when se­lect­ing a univer­sity — the qual­ity of teach­ing on of­fer (67 per cent), the cour­ses of­fered (61 per cent), and the pres­tige as­so­ci­ated with the univer­sity (55 per cent).

“How­ever, 31 per cent of par­ents do not know how much it would cost for their child to study abroad”.

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