UAE parents pay more than double global average for education
UAE parents – including locals and expatriates – say that they pay on average $99,378 to educate their children from kindergarten through the first four years of university, according to The Value of Education: Higher and higher, a global annual report published by HSBC.
The costs include tuition, books, transportation and accommodation.
The UAE came second only to Hong Kong, where parents say they paid an average of about $132,161 for education.
Meanwhile, the average among the 15 countries surveyed is $44,221.
The cost of education has risen steadily in recent years, placing a strain on parents.
A majority of parents – 74 per cent – who took part in the survey said they funded their child’s education from their day-to-day income. Another 36 per cent paid for school using their savings, investment or insurance; 21 percent used specific education savings and investment plan; 6 per cent took out a loan and 4 per cent paid for education with the help of an inheritance or other lump sum.
50 to 60 per cent of companies operating in the UAE provide an education allowance for employees. Less than 10 per cent of companies in the UAE offer to cover the full cost of education for employees. ■