By NUR HAZIQAH A MALEK
Parents spend an average of US$25,479 (RM109,470) for their child’s education in Malaysia, according to a survey by HSBC Holdings plc.
The global bank’s survey, which involved over 8,400 parents from 15 countries, showed the global average for a child’s education spending was US$44,221.
The country that ranks highest was Hong Kong with an average of US$132,161, followed by United Arab Emirates US$99,378.
HSBC said the spending comprised school and university tuition fees, educational books, transport and accommodation.
Malaysia was ranked eighth out of the 15 countries in the survey.
The UK, Canada and France were ranked ninth, 11th and 15th respectively. The average values for spending in the UK was US$24,862, while in Canada US$22,602. Parents in France spent an average of US$16,708 for their child’s education.
HSBC Bank Malaysia Bhd retail banking and wealth management head Lim Eng Seong said the survey showed the importance of education for many parents in Malaysia.
“Knowing that the education landscape in Malaysia has changed over time, many parents are willing to pay good money to ensure that their children have the best education, both in terms of academic and lifestyle, something which they couldn’t experience in their student days,” he said in a statement.
HSBC’s survey also showed that 97% of parents in Malaysia contributed towards their child’s primary school education expenses and 93% for university or college education.