The amount that parents contribute to their child's education varies from country to country, according to an analysis by HSBC, the international bank.
HSBC surveyed 8,481 parents living in 15 different countries. Each of them had at least one child who was 23 years old.
Researchers asked participants how much they have contributed, or are contributing, to their child's education. This included tuition and fees for a college or university, room & board, textbooks, and other expenses related to education at all levels, from lower grades up through college.
According to the HSBC study, here is how much parents spend on average over the full course of their child's education in each of the 15 countries:
- Hong Kong, $132,161
- United Arab Emirates, $99,378
- Singapore, $70,939
- United States, $58,464
- Taiwan, $56,424
- China, $42,892
- Australia, $36,402
- Malaysia, $25,479
- United Kingdom, $24,862
- Mexico, $22,812
- Canada, $22,602
- India, $18,909
- Indonesia, $18,422
- Egypt, $16,863
- France, $16,708
The global average was $44,000.
The study also found that 87% of parents worldwide contribute to funding their child's education and 82% are willing to make personal sacrifices to do so. The vast majority of parents also indicated their preferred area of study for their child to be a STEM field.
Just as the cost of education around the world can vary significantly, costs can vary among states in the United States as well. However, there are many steps families can take in order to prepare for the cost of college, including using a 529 college savings plan. There are also several tuition-free programs and initiatives underway in the United States, though the long-term results of those efforts are pending (Passy, MarketWatch, 7/3; HSBC report, accessed 7/6).
Would students try as hard if they didn't have to pay for school?
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