Money

UAE parents pay double global average in school fees

Dubai school

UAE parents are among the world’s top spenders when it comes to school fees, according to a new report from HSBC.

The bank’s new Value of Education report found that, on average, UAE parents spend $99,378 (AED 365,015) on their children’s education each year. The figure is more than double the global average, which stands at $44,221 (AED 162,423), and only second to Hong Kong’s average annual schooling cost of $132,161 (AED 485,427).

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Now, there is a reason why the average amount spent by parents in the UAE is so high compared to the global average. According to the report, 93% of parents here have at least one child in full-time, paid-for education, compared to the global average of 54%. It’s a known fact that most schooling in the UAE is private, which brings the country’s average cost of schooling way up. Indeed, single-child parents may not be paying anything like that amount every year, but the average includes parents with multiple children in schools in the UAE, plus associated expenses such as books, uniforms and trips.

Still, any parent in the UAE will know that putting a child through school in the UAE is an expensive endeavour, and that takes sacrifices. The report found that, globally, 82% of parents are ready to make personal sacrifices for their children to succeed in education, with 25% drastically reducing or completely stopping leisure activities and holidays.

What’s more, the costs don’t stop when a child graduates from high school. Indeed, the report found that 90% of UAE parents would consider a university education for their child, with 85% prepared to fund that education.

SEE ALSO: Dubai school fees could go up by as much as 4.8% this year

For most parents (74%), though, that funding comes from day-to-day income, while 21% pay for their children’s education through a specific education savings or investment plan.

The pay-off, of course, is that a good school career puts a child on a good starting point for life. According to the study, 75% of parents are confident their child will have a bright future, and 68% are confident their child will get a great job.

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