Close to three-quarters of Asia Pacific consumers save regularly for their children's education, according to a new MasterCard's survey.
Survey findings show that on average education takes up 13% of their monthly household income.
95% of Thai and 82% of Taiwan households save regularly for their children's education. This percentage is about the same for India (81%) and Singapore (80%) but significantly less for Australia (35%) and New Zealand (34%).
51% of children in Thailand, 46% in South Korea, 36% in China and 35% in Taiwan are enrolled in foreign language classes. In contrast, 40% of children in Australia and 41% in New Zealand take part in sports.
"Education has long been recognized as key to providing opportunities for upward mobility. Parents in the region clearly recognize this value and continue to invest more money in securing the best possible education for their children," said Georgette Tan, group head, Communications, Asia Pacific, Middle East & Africa, MasterCard.
Spending on tuition classes
55% of parents in India, 51% in Bangladesh and 47% in Malaysia are spending on tuition classes for their children. This percentage is 43 and 40 for India and Singapore respectively.
The new MasterCard's report is based on a survey conducted in the fourth quarter of 2013. A total of 7932 respondents aged 18 - 64 in 16 Asia/Pacific countries were asked questions about their education spending priorities.
53% of consumers in Thailand and 42% in Malaysia intend to take up an educational course in the next year. These figures for other countries are South Korea (39%), China (38%), Singapore (38%), Indonesia (9%), Vietnam (10%), India (13%) and Japan (14%).
63% of parents in the Asia Pacific region plan for their children to attend universities locally. However, 56% in South Korea and 55% in China intend to send their children to a university abroad.
"Across most markets, heavy emphasis is also placed on extracurricular activities, be it on foreign language courses or tuition classes," said Tan. "This is a reflection of the increasingly competitive education systems, rising aspirations of families in the region, and also the recognition that children need a well-rounded education, which includes music, art and sports, in order to excel."
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