According to an HSBC’s “The Value of Education” survey of 15 countries and territories, Taiwan ranks fifth in cost of educating a child from elementary school to university. The average expenditure for a child is NT$1.72 million (US$56,424) over that time.
“In nine of the 15 countries surveyed, paying for their child’s education is most likely to be parents’ biggest financial commitment,” said HSBC’s head of wealth management Charlie Nunn.
The survey of 8,500 parents worldwide asked to for the estimated cost of tuition, textbooks, transportation, accommodation and other expenses each year.
The cost of education varies greatly depending on whether parents send their children to public or private schools. The overall cost also varies depending on whether parents pay for undergraduate degree education.
While not included in the expenses noted by parents, the majority of those surveyed said that a postgraduate degree is necessary for success. Meanwhile most parents in Asia have paid for private tutoring for their children while a significantly lower percentage in Western nations have done so. 59% of Taiwanese parents said the have paid for private tutoring.
The survey also found that 72% of parents in Taiwan believe that a university education offers poor value for money, while only 16% feel the same way in Singapore. 42% of all parents surveyed share the sentiment. However, Taiwan has the fifth lowest expectation of lasting debt for undergraduate education with an expectation of 5.2 years of debt for parents and 6.3 years for children.
The cost of tuition at National Taiwan Normal University is NT$47,180-55,200 (US$1551-1815) per semester, with additional expenses ranging from NT$16,000 to NT$27,000.
The full rankings for education expenditures in US$:
- Hong Kong: $132,161
- United Arab Emirates: $99,378
- Singapore: $70,939
- US: $58,464
- Taiwan: $56,424
- China: $42,892
- Australia: $36,402
- Malaysia: $25,479
- UK: $24,862
- Mexico: $22,812
- Canada: $22,602
- India: $18,909
- Indonesia: $18,422
- Egypt: $16,863
- France: $16,708