US parents have high aspirations for their children, with more than 84% parents expressing confidence that their child will have a bright future. In fact, HSBC’s global Value of Education report found 87% of parents confirmed that they are ready to make personal sacrifices so that their children can succeed. To support their child’s education, nearly a quarter of parents (24%) have forfeited ‘me time’ and 17% have either drastically reduced or completely stopped leisure activities or holidays.
It’s clear that parents see their children’s education as an essential investment in their future, but it can be costly. US parents are spending an average of $58,464 on their child’s education from primary school through undergraduate university level. This is much steeper than the overall global average of $44,221, based on the fifteen countries surveyed as part of this research. Even with these steep costs American parents do not top the list. For example, in Hong Kong, parents are spending an average of $132,161 for their child’s education, roughly 126% more than US parents are spending.
“Parents are willing to go to great lengths to help their children get the best possible start in life,” said Pablo Sanchez, HSBC’s Head of Retail Banking and Wealth Management for the US and Canada. “They understand that education is paramount in today’s highly competitive job market, and are willing to make personal, lifestyle and financial sacrifices to ensure their child receives the education necessary that will set them up for success in the future.”