, Singapore
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Singaporean parents spend almost twice the global average for their kids' education

They shell out at least $96,319.

Singaporean parents do not mind splurging for their children’s education after it was revealed they spend $96,319 (US$70,939) on average for their kids’ schooling, higher than the global average of $60,022 (US$44,221).

According to a report from HSBC, parents in Singapore rank third in terms of amount spent on their child's education costs, including tuition fees, books, transport, and accommodation.

Moreover, 80% of millennial parents, or parents born between 1980 and 1997, are already making plans for the child's education even before they start primary school.

HSBC also said millennial parents are more likely than baby boomer parents (32% vs 19%), or parents born between 1945 and 1965, to have forfeited their “me time” in order to support their child’s education.

"Debunking stereotypes of being inwardly focused, the report found that family is central to millennials’ lives – even more so than previous generations in some instances," HSBC said.

One in two millennial parents also consider an overseas university education for their child.

Meanwhile, 43% of generation X parents (those born between 1966 and 1979) and 36% of baby boomers are willing to send their children abroad.

The growing preference for overseas education could be linked to the generation's extra financial and personal investment.

HSBC Bank head of Retail Banking and Wealth Management Anurag Mathur said, “In today’s highly competitive global job market, education has never been more important. Singaporean millennials parents are investing both their time and money to help their children get the best start in life and for many that means an overseas education.”

However, millennial parents' forward-looking education plan does not necessarily include a plan to fund it.

Half of the surveyed millennials said they wanted to set aside more money for their child’s education, compared to 38% of generation X parents.

Moreover, 67% of all surveyed parents in Singapore are funding their child’s education from day-to-day income.

About 49% are using general savings, investments or insurance, and 20% are funding their child’s education using a specific education savings or investment plan.

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