Parents bringing their kid to school at the opening of a new school.
Dubai - Parents often plan ahead to help cover university costs, but it is important to consider how learning can be funded from a much earlier age.
Every parent wants to give their child the best start in life, but sometimes this comes at a high financial cost. According to statistics - based on sending a child to a UK- or US-curriculum school in the UAE followed by university in the US - the cost of a child's education can touch a whopping Dh1.5 million.
Financial solutions provider Old Mutual International is urging expat parents in the UAE to start saving early to meet these costs.
Parents often plan ahead to help cover university costs, but it is important to consider how learning can be funded from a much earlier age.
In the UAE, it costs an average of Dh561,465 to educate a child in a UK- or US- curriculum school up to university age. Additional costs - such as trips, bus services and uniforms - can bring the total cost of school education to approximately Dh766,437.
Brendan Dolan, regional director, Middle East and Africa, for Old Mutual International, said: "It's imperative parents in the UAE start saving as soon as they can so as not to rely solely on their income to fund the fees, which can be a risky strategy. The earlier parents start to save for education, the less money they will need to put aside as it will have more time to accumulate any investment growth."
"School fees are sky-rocketing and are matching with university fees in the UAE. As parents, we have to set aside certain amount for higher education apart from current school fees. We may also end up taking an educational loan." - Syed Ather Farooq, father of two
"As the cost of living continues to go up, we are sure that by the time our kids reach universities, cost of education will be significantly higher. Keeping that in mind, we have invested in property/gold for now and if need be, for more funds we may avail of loans."
Hafsa Shakir, mother of two
"Based on the current data, we as parents should start saving today in order to make our children's future more secure and encourage them to be part of this system. For instance, we can ask them to set aside a portion of their allowance and encourage them to work hard towards scholarship."
Hafsa Sabih, mother of one