The demand for universities is increasing every year as more and more ex-pat families move abroad. This demand is causing university costs to rise. Over the last ten years, some countries have increased student costs by over 140%, which leaves many ex-pats unable to afford these costs on their income.
A recent study by HSBC reveals the cost of tuition at universities in various countries. You will notice that although some countries are cheaper in tuition or free (e.g. Norway offers high-standard tertiary education free to non-EU members but has a high living cost), the living costs are extremely high, making it overall expensive. Australia tops as the most expensive country, followed by Singapore. *
|
Country |
Annual student tuition £ |
Annual living costs £ |
Total £ |
|
Australia |
19 828 |
14831 |
34659 |
|
Singapore |
15 592 |
16708 |
32300 |
|
USA |
20 514 |
9593 |
30107 |
|
UK |
17 592 |
12887 |
30479 |
|
Hong Kong |
11069 |
15394 |
26463 |
|
Canada |
13788 |
10869 |
24657 |
|
France |
203 |
13610 |
13813 |
|
Malaysia |
2019 |
8635 |
10654 |
|
Indonesia |
3604 |
7021 |
10625 |
|
China |
3165 |
5670 |
8835 |
|
Mexico |
617 |
7171 |
7788 |
Solutions to afford the cost of university
- An education savings plan allows you to pay monthly contributions into a savings fund invested in diversified funds to generate good returns. This is usually suitable for a medium to long-term savings plan.
- A Savings app like Catalyst allows you to invest in diversified dVAM funds created and managed exclusively for deVere by some of the best asset management houses in the world. You can make contributions whenever you have spare cash.
Don’t let a lack of planning or savings prevent your children from attending the university of their choice. Start an education savings plan as soon as possible.
Chat with an advisor about investing in the future of your children.
Please note the above is for educational purposes only and does not constitute advice. You should always contact your deVere advisor for a personal consultation.
* No liability can be accepted for any actions taken or refrained from being taken as a result of reading the above.