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Taiwanese parents spend more than global average on child's education

2017/10/12 16:05:05

CNA file photo

Taipei, Oct. 12 (CNA) Taiwanese parents spend an average of US$56,424 on their child's education from primary through tertiary education, according to the latest report on the value of education by HSBC Group.

In a survey of 15 countries and territories around the world, Taiwan ranked fifth in the amount parents spend on education for their children.

This puts Taiwan just behind Hong Kong, the United Arab Emirates, Singapore, and the United States, but above 10 other countries and territories, including China and Canada, as well as the global average of US$44,221.

According to Curtis Chen (陳宥辰), senior vice president for financial and wealth management at HSBC Taiwan, the report indicates just how much work and sacrifice Taiwanese are willing to devote to their children's education.

In fact, 34 percent of the respondents in Taiwan said that they have drastically reduced or completely stopped their own leisure activities and holidays, while over 70 percent have invested in private schools, tutors or cram schools for their children.

Even with the relatively more expensive tuition abroad compared with Taiwan, 35 percent of the respondents in Taiwan said they would still consider university abroad for their children, with the choice destination being the U.S. at 70 percent.

Other popular choices for a degree abroad include Japan and the United Kingdom.

The survey was conducted in February 2017 among 8,481 parents in 15 countries and territories.

(By Tsai Yi-chu and Kuan-lin Liu)
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