UAE: Gap between educational aspirations and funding
Source: Middle East Insurance Review | Nov 2015
Parents in the UAE have high educational aspirations and many want high-profile careers for their children, but these goals are often hindered by inadequate financial planning, according to a research commissioned by HSBC.
The study “Value of Education Learning for Life 2015”, revealed that 48% of UAE parents with university-age children recognise the importance of education in securing jobs in an ever tougher job market, yet about 64% say that the desired education for their children is not within their reach.
Around 40% of UAE parents with children in university said that they have a savings plan to support their children while 34% said they will depend on their current income. Nearly 21% of parents said they had not saved enough because they had not given it enough thought or had dismissed it as being too early to start.
A third of working parents in UAE say paying for their children’s education prevents them from saving for retirement.
The study on the UAE forms a part of a global research that examines the views of more than 5,550 parents across 16 countries. In the UAE, the study covered around 450 households. To be included in the study, a participant needed to have at least one child younger than 23 and be at least partially responsible for making decisions about their child’s education. The survey was conducted in March and April.