British parents among least likely to save for their children’s tuition

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11th November 2016 11:27 - Education

British parents among least likely to save for their children’s tuition: According to a worldwide survey commissioned by HSBC, British parents are among the least likely to save money to help fund their child’s education.Britain one of the countries least likely to save for their children’s tuition

In comparison to Indonesia and India, whereby approximately 90 per cent of parents set aside money to help their child through university or college, less than 50 per cent of Brits said that they have done the same.

The only countries less likely to save for their child’s education were France and Mexico.

The findings revealed that 77 per cent of parents in Britain fund their child’s education through their weekly incomings. A further 43 per cent admitted that they would be willing to put themselves in debt to help their child through university.

The average annual amount spent helping a university-aged child was £4,296, considerably less than parents in the United Arab Emirates (£12,012), Hong Kong (£10,587) and Singapore (£10,221).

Two in three British said that the commitment to help fund their child’s education makes it harder to keep on top of other more mundane expenses, with nearly 50 per cent saying that helping their child buy food, computer equipment, household bills and fees, being more important than saving for their own retirement.

The United Kingdom was discovered to be one of the most costly countries to study in, although, it was ranked cheaper than the United States and Canada, whereby the average annual tuition fee for an international student can climb as high as £19,402 per year (£21,730 in the USA, and £19,966 in Canada).

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