The 500 polled parents had at least HK$500,000 in liquid assets and an average monthly income of HK$50,000
LAI YING-KIT
YINGKIT.LAI@SCMP.COM
PUBLISHED : Thursday, 10 December, 2015, 11:59am
UPDATED : Thursday, 10 December, 2015, 11:59am
The poll found families expect to spend for their child’s future well after secondary school. Photo: SCMP Pictures
Hong Kong middle-class parents believe they must spend between HK$2.8 million and HK$7 million per child to help them land a university degree, a high-paying job and property ownership, according to a recent local survey.
The three goals were identified by 70 per cent of the 500 polled parents as a measuring stick for deeming their child ‘ready’ for the future.
The research was conducted across the city by marketing firm Nuance Tree and commissioned by Dah Sing Bank between September and October.
But 73 per cent of the interviewed parents said they were still some distance from their targeted savings. Over half, or 51 per cent, said they were short of their goal by an amount of between HK$1 million and HK$4 million.
The survey included interviewees who had liquid assets of at least HK$500,000 and a family income of at least HK$50,000 per month. Their children included primary-level pupils and students at secondary and tertiary levels.
The 500 parents on average spent 32 per cent of their entire family income on formal education, private tutorials, interest groups and study tours as part of their child’s education.
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Family support extended into early adulthood as the research found that 56 per cent of parents were willing to financially support their child after university graduation. Of these parents, 80 per cent said they would help their child purchase property.
But the researchers said only a little more than half of the parents – 54 per cent – had been saving or making investments such as in bonds, stocks and capital funds for the money they said they needed.
Eleanor Lam of Nuance Tree said: “Many parents are keen to give a good upbringing to their children but have yet to make financial plans.”
http://m.scmp.com/news/hong-kong/economy/article/1889209/hong-kong-parents-expect-spend-millions-kids-secure
