Chinese Parents among Largest Spenders on Children’s Education
HSBC released its most recent global survey on the value of education, summarising opinions of 8,000 parents from over 15 different countries. The average expenditure on education is USD 44,000, with parents in Hong Kong spending the most – USD 132,000 being considered an acceptable tuition fee for studying abroad. Taiwanese parents were fifth on the list, and mainland Chinese parents came in at sixth, where USD 98,000 is spent on education, including USD 57,000 for undergraduate study and USD 41,000 for post-graduate study. Other countries in the top five are the UAE, Singapore and the US. The survey also showed that 91% of mainland Chinese parents are currently paying private tutorial fees, the highest figure amongst the 15 countries surveyed. While many Chinese parents are willing to allocate more than half of their expenses towards their children’s education, most parents in countries such as Australia, UK, Canada, and France are only willing to allocate less than a quarter of their expenses.