Most of us spend thousands of dollars on our education. But do we know how much the whole country and other nations spend on education? Well, here are some facts which may shock you.
When it comes to spending most on their students’ education, Hong Kong topped the ranking. Since in Hong Kong, an average person spends over $132,161 from primary school to university. HSBC publishes the data by surveying 8,481 families in 15 countries.
Following Hong Kong, next is the UAE, where an average person spends around $100,000. While Singapore secured the third position in the ranking as it spends nearly $70,939 on the expenditure of the students’ education. The data includes primary, secondary, and tertiary education.
Furthermore, the report shows that about 87% of parents support their child’s educational funding. Moreover, the survey cleared that nearly 98% of parents in Indonesia support their children’s educational funding, which is the highest percentage till now. Following Indonesia, 76% of parents in France and 71% of parents in the U.K. give educational funds.
The average money spends in France is the lowest of the 15 surveyed countries, which is $16,000. The same strategy goes for India, Indonesia, and Egypt. In these countries, parents spend less than $20,000 on their student’s education.
Education Spending in the U.S.
The organization for economic cooperation and development (OECD) reported the educational data from the nations across the globe. According to the most recent reports, the U.S. spends around $12,800 per student from elementary to secondary education. At the post-secondary level, the U.S. spends more than $30,000, which is 93% more than the average of OECD countries.
In this data, the U.S. also estimates the money provided through various sources like loans, scholarships, and so on. Furthermore, it includes private expenses, including fees and private loans, paid by parents and students. Apart from this, several countries spend more than the U.S. from elementary to secondary education. These countries are namely Norway, Austria, and Luxembourg, which spent around $14,353, $13,931, and $20,900. Among these countries, Luxembourg spends the most per student at the educational level.
Along with this, in terms of gross domestic product (GDP), the United States spends approximately 6.1% on education. According to OECD, governments spend 90% funding on primary, secondary, and post-secondary education. Besides this, they also spend 66% on tertiary education. Countries like Chile, Japan, Colombia, the United Kingdom, and the United States hold the largest shares of about70%.
Apart from this, OECD reported that 17 countries spend more than the average percentage of their GDP. Among these, Norway pays the most percentage of its GDP, which is 6.4% on education. Followed by Norway, New Zealand spends 6.3% of GDP, the U.K. spends 6.2% of GDP, and the U.S. spends 6.1% of GDP on education.
Planning Career of Students in the U.S.
The U.S. government is planning that tuition fees for a two-year post-graduation degree in engineering would be $26,400 in UAE and $19,700 in Australia. Coming to private expenditure on education, students’ parents are planning ahead of their careers.
Around 74% of the parents are using their day to day income to fund the education of their children. Most of the parents, about 82%, have made financial sacrifices to meet the educational needs of the students. In China, parents are highly secured in terms of the financial career planning of their children. Since they save around 55% of their income for their children’s education, the saving can be in terms of investment or insurance.