Taiwanese parents spend US$8,188 per year per child on higher education, the sixth-highest amount among the 15 nations or regions that participated in an HSBC Bank PLC survey as part of its “The Value of Education” series.
According to the study, 91 percent of Taiwanese parents said they wanted their children to obtain at least a Bachelor of Arts degree, while 64 percent said they were willing to go into debt to cover university or college costs, compared with the study’s average of 88 percent and 60 percent respectively.
College education costs in the survey were inclusive of tuition and other education-related expenses, such as computers, books and other items.
Respondents said that on average they pay US$7,631 annually, it said.
The survey showed that parents in the United Arab Emirates — which topped the list — paid US$18,360 per child per year on higher education; followed by Hong Kong (US$16,182); Singapore (US$15,623); the US (US$14,678) and Malaysia (US$8,720).
Among Asian peers, parents in Taiwan ranked fourth, ahead of China, India and Indonesia, while the nation ranked higher than the UK, Canada, France and Australia, the survey found.
More than 78 percent of respondents said that they pay higher-education costs directly from their income, with 90 percent of respondents in Egypt — the highest rate — saying they used normal income, while Taiwan was at 89 percent and France 86 percent, the survey said.
While some respondents said that their children pay for their own higher-education costs, the practice is not widespread, which is partly explained by the fact that a majority of parents believe they are responsible for their children’s education, the study said.
Thirty-one percent of the respondents said that they expect their children to share the burden of college expenses, but only 13 percent said that their children pay their own way, the study said.
The countries where parents are mostly likely to report that their children pay for their own higher-education bills were Canada (39 percent), the US (37 percent) and Australia (22 percent), the study said.
While 37 percent of Taiwanese parents said they expect their children to pay for their own higher education, only 11 percent reported that their children actually pay university bills, it said.
Additionally, 78 percent of Taiwanese parents reported having a savings account or foundation for their children’s higher-education needs, while 67 percent said they began planning for university costs prior to their children’s enrollment in elementary school, it said.
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