Malaysian parents spend big on kids’ education
Malaysia is among the list of nations that parents spend much of their income on education for their children, according to a survey conducted in 15 countries worldwide by the HSBC Bank.
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The survey indicated that more than 50% of Malaysian parents are willing to go into debt to fund their child's education. 80% of them are funding their child's education from day-to-day income.
Lim Eng Seong, an official of the HSBC Bank in Malaysia, said 92% of local parents are funding their child's education at their own sacrifices and the risk of financial security, compared to 60% at the global level.
Lim said parents in Malaysia spend about 10-15% of their salary on their child’s education.
They pay out an average of US$8,720 each year for their child’s university education, about 14% higher than global regular rate.
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