Saving for education: parents around the world

Most parents are saving for the education of their children, no matter where they are in the world. Some save more, depending on their country and their perception of the importance of education.

An HSBC Retail Banking and Wealth Management (RBWM) study, called The Value of Education Springboard for Success, of 4,500 parents in 15 countries revealed country-by-country differences to their savings plans for education (The Financial, Finchannel.com, April 21, 2014).

On average, 58% of parents globally believe that money spent on their child’s education is the best investment for their children and the family. In Indonesia and Turkey 75% of parents indicated that education expenditure was the best investment, while in China it was 77% of parents, and in Brazil it was 79% of parents.

The study revealed that 89% of parents surveyed want their children to go to university and 62% want them to study to post-graduate level. They believe that the higher the education qualification gained, the more likely their children will be able to compete for jobs to boost their earning potential.

Parents also felt pressure in making education decisions for their children. Of the parents surveyed globally 38% said the decision was “daunting.” In Hong Kong, 60% of parents said the decision was daunting and 69% of Taiwanese parents thought the decision was daunting.

The majority of parents in emerging economies had higher perceptions of the value of education than those in developed countries. For example, the United Kingdom was at the lower end of the scale with 35% of parents, with 36% of French parents, and 37% of Australian parents.

However, parents in all countries viewed education as a high priority for their children. On average, they stated that the ideal allocation of savings for education, from the household budget, was 42% (against 11% for long-term investments and 10% for a deposit on a house).

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