As a parent, you hope that your child will have the best that life has to offer.
From setting up the nursery to purchasing their first bicycle or sending them to university, getting them through life’s milestones can be expensive.
When it comes to education, it’s no different. The South China Morning Post noted in a 2012 article1 that parents in Hong Kong are increasingly sending their children to international and overseas schools, but these come with additional costs.
It’s no surprise that 46 percent of parents in Hong Kong2 make children’s education one of their top saving priorities.
Educating your child through the years from preschool to university can end up costing a lot more than you first expected.
According to Hong Kong-based ITS Education Asia, tuition at an international school in Hong Kong can reach HK$200,000 a year at primary level; that’s not even including the cost of the uniform — between HK$300 and HK$1,250 — and school bus fees, which can cost up to HK$9,000 a year.
Bearing in mind that children are likely to be in education from the age of 3 to 22, saving properly is an important long-term financial consideration.
As with most things, the earlier you start planning, the better equipped you will be.
Find out below if you’re financially prepared.