Majority of parents not financially prepared for children's education
A survey has found that only 45 per cent of Singaporean parents are financially prepared for their children's education.
The survey by OCBC Bank also found that more than than half say they are either behind target or have not begun saving.
Forty-six per cent of parents say their children are not covered by any hospitalisation insurance.
Reasons given include not having gone round to doing it and the children being too young.
But 44 per cent of those with children above the age of 11 said they still had not bought a hospitalisation plan for their children.
The survey polled more than 570 respondents who are parents with children below 16, parents-to-be, and those planning to start a family.
The respondents who have a monthly household income of above $5,000, were asked about their investment attitudes and financial habits.
OCBC's Head of Segment Management (Personal Banking) Ng Li Lian says she's surprised by the findings given that today's parents are better educated and should know how to plan financially for their children's aducation.
She says parents today are not doing enough to plan financially for their children, and many of them do not realise that it is expensive.
According to OCBC Bank's estimates, a Singaporean pursuing a four-year non-medical degree in a local university today will need S$38,000 for tuition fees.
In 15 years' time, the costs will increase sharply.
For instance, a four-year,non-medical degree in a local university would cost S$56,000.
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