Parents in UAE are paying 40% of their income in school fees

 Troubled by inflation and in fear whether you will be able to afford your children's higher education or not, you are not alone. Parents of a country considered to be wealthy like UAE are also worried about the expenditure on higher education in the coming times.

According to a survey conducted in the UAE, 66% of parents are not sure that they will be able to afford their children's higher education. Currently, 80% of the people in the UAE are spending an average of 40% of their income on the education of their children.

In the UAE , inflation is low, yet
they are investing the money left after the education and household expenses of the children keeping in mind the higher education of the children only. Inflation rate in UAE is much lower than other countries. Despite this, people are worried about getting higher education for their children. Only 34% of the parents surveyed said that they are able to afford the higher education of their children.

15% of people taking an education loan
50% of the people in UAE have an average monthly income of less than Rs.4 lakh. In this also, around one and a half lakh rupees are being spent in the school fees, tuition, books etc. of the children. Whereas every year 10 to 15 lakh rupees are spent at the graduation level and 12 to 17 lakh rupees annually at the post graduation level. Adding to this the inflation rate, it becomes even higher. The survey also revealed that 39% of parents are making maximum investments for higher education of their children, while 15% are talking about taking loans to complete higher education of their children.

what parents say

• Adil Eshchak, father of two children, says, “I am investing for my children’s education. After spending the house, there is not much money left for investment. Therefore, higher education of children is possible only when the return on investment is high. So have invested in FD, Bonds, Stock Market, Property and Mutual Funds.
• Riyaz Mohammad, father of two children, says, "Some money is in the bank for the education of the children, but I am not able to add much for the future. But I will do something for the education of both the children.
• Rainer Brito, head of Zurich International Life, says parents in the UAE have become more aware of their children's higher education. They are investing for the education of children. Professional courses are becoming very expensive. In such a situation, only regular investment of small savings will reach in a condition to meet the expenses of education in 10-20 years.