The facility has been treating vulnerable populations, including Sudanese refugees who are fleeing the conflict in their home country
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Despite parents in the UAE being the second highest spenders globally when it comes to their child's education, only 17 per cent have specific education savings or investment plans in place. And 53 per cent say they wish they started saving earlier - both factors, which prove that early financial planning (as far as education is concerned) is a grey area for many parents.
New research from HSBC's annual global report 'Value of Education 2017: higher and higher', shows that parents here are paying on average Dh365,000 for their child's lifetime education costs.
Practical advice for parents: Start planning early - Early planning and saving for education (from when the child is born) can help your children fulfill their potential. It will also limit the strain on family finances. Be realistic about the costs - The costs of educating your children from school to university can be very expensive. Be sure to allocate enough money to support their development and attainment through all stages of their education. Considering university abroad? - A university education abroad can help children to be more independent, but make sure to plan for all the implications including higher tuition fees, intermittent travel, and exchange rates. Prepare for the long-term - Parents are often still paying for their children's education way into their twenties. Understand the extra costs of them studying for longer and consider putting plans in place to help fund these, should the unexpected happen. Seeking financial help could be an option. |
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