Affording proper education for a child nowadays is being almost impossible. According to a new report from a financial solutions provider, school and university fees in UAE can cost up to Dhs1.5 million per child in the UAE. The study is based on the cost of international curriculum schools in the UAE, followed by a university in the United States.
“Most parents want to provide the best for their children and would agree that funding their children’s education is a key financial priority, and this is the case in the UAE, where all expatriate parents need to pay for their children’s education,” said Brendan Dolan, Old Mutual International Regional Director for the Middle East and Africa.
Old Mutual International released their new online tool to help families calculate the cost of education. “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,” he said.
Dolan said that the cost of a four-year course can rise to AED 681,124 in the US, while studying in the UK can prove cheaper at approximately AED 323,700 for a three-year course for university fees, rent, transport and other living expenses. However, this figure could rise if the child studies in a top London university. Moreover, he suggests that parents should consider the benefits of a trust arrangement – especially if something should happen to one of the parents.
WE SAID THIS: Our heart goes to all parents.