More than 50 per cent of Malaysian parents are reportedly willing to go into debt to fund their children’s education, according to a survey done by HSBC.
HSBC Bank Malaysia Bhd Retail Banking and Wealth Management Country Head Lim Eng Seong told Bernama that 92 per cent of local parents were funding their child’s education, and they are more than willing to risk their own financial security for their child’s future.
That percentage, according to Lim, is way higher than the global average of 60 per cent.
“Many parents think that funding a child’s education is more important than their other financial commitments like credit card repayment, insurance and contribution to retirement savings,” he was quoted as saying.
On top of that, the HSBC survey revealed that 80 per cent of them are funding their child’s education using their day-to-day income, Lim added.
The survey also revealed that Malaysian parents spend about 14 per cent higher (RM35,382) each year towards their child’s university education compared to the global average of RM30,964.
The HSBC survey was conducted in 15 countries involving 6,200 parents.
Now, this is something to think about the next time you’re angry at your parents for not getting you an iPhone 6S for your birthday.
