Do you think we can afford to send our children to universities in the future?
The cost of education has risen significantly over the years, leading to some Singaporeans questioning whether it’s worth it to pursue further studies.
We were curious to see what Singaporeans’ thoughts are on the cost of a university education and whether it’s worth its high price.
We surveyed 1,088 adults aged 18 and above and here’s what we found.
Although the world is moving towards a workforce that focuses more on skills and talent (hence the rise of the gig economy), many parents still hope to be able to send their children to university.
Apart from opening up opportunities for their children by arming them with a degree, many who have gone to university would also acknowledge tremendous benefits that are not purely related to the economy.
Critical thinking, networking, and deepening of knowledge are all valuable experiences that would benefit any individual. So if you are intent on sending your child to university, and scratching your head about how to begin funding his/her education, this article is for you.
While most parents hope that their child can study in one of the six local universities in Singapore, this may not always be possible due to a range of reasons.
For one, there are some students who are unable to produce the minimum results to gain entry into the local university and course of their choice.
Next, their child may be interested in pursuing a course that is not available in Singapore such as Veterinary or Psychology. (In Singapore, to be a practicing psychologist, you will need to have a Ph.D. to be a recognised clinical psychologist. Ph.D. for the course of Psychology is not offered in Singapore.)
Lastly, the child may be more interested in pursuing the course at one of the prestigious universities, as many of the well-known professors and experts are there.
As a parent, you would likely want to give your child the widest range of opportunities. In this article, we explore the cost of an overseas university education and how we can fund it should the need arise.
Raising a child in Singapore can be a costly affair.
Amongst the many costs involved – child delivery, childcare, living expenses, etc – the biggest ticket item of all is to provide for their university education.
Providing financial support for a child’s last hurdle in their education journey before they become a (real) adult is one of the last things we can do as parents.
Singapore is a competitive space; every edge that can be given to a child increases the likelihood of them succeeding in the future.
Setting up an education fund for your children ensures that when it’s time for them to enter university, the money is always there if they need it.
One popular way to fund an education is a child education endowment plan.
Today, we’ll take a look at what it is and some reasons why it’s effective.
So, read on!
Find out how much you need to save for your child’s education with our university education fund calculator.
Singapore has constantly been ranked as one of the cities with a high cost of living.
While some people may wonder if such statistics on Singapore’s high cost of living is valid, especially since $3-4 meals still exist in the hawker centres, it is an undeniable fact that other necessities of living are much higher than in other developed countries.
One of the main factors for the rising cost of living in Singapore can be attributed to Singapore’s lack of land and natural resources. This has led to Singapore’s dependency on other countries for supplying natural resources (food, oil, water, etc.) and on foreign labour workers to build our skyscrapers to accommodate a growing population on our tiny island.
Here are nine statistics on Singapore’s rising cost of living that would affect Singapore residents’ financial decisions in the present day and future.
All prices quoted are in Singapore dollars (SGD).
Before the global pandemic struck, Singapore was a popular city of choice for many expatriates seeking to move abroad.
Some famous people who have chosen to move to Singapore include Eduardo Saverin (co-founder of Facebook), James Dyson, and even Jackie Chan.
If you are planning to make Singapore your home, or if you are a Singaporean wondering how to plan your finances well to ensure you can keep up your lifestyle, read on to find out more about the average monthly cost of living in Singapore.
Note: All prices are quoted in Singapore dollars (SGD). As at 28 May 2021, 1 United States dollar (USD) = 1.32 SGD.
Education has always seen strong demand in Singapore, driven by parents wanting their children to get into top schools, whichever grade they’re in.
Getting into the best schools isn’t easy and requires good grades, so parents often enlist their children into private tuition and enrichment classes.
As a result, the cost of education has risen significantly over the years.
A university education, the last hurdle for most students, is the costliest of all types of education.
Today, we take a deep look into how much a university degree in Singapore can cost and the average cost of getting one.
Note: All prices are quoted in Singapore dollars (SGD).
If you have seen the movie, Crazy Rich Asians, you might have wondered if these crazy rich Asians really do exist in Singapore.
If you are an average Singaporean like me, it might seem like a wild idea that there are some Singaporeans who are rich enough to throw bridal parties overseas for their entire bridal party, or to fill Chijmes with bouquets of flowers and style it with calming waters for the wedding runway.
Most rich people in Singapore are rather conservative with flaunting their wealth so the average Singaporean would hardly hear any whispers of such tales. However, it is not just a fable that Kevin Kwon created. Singapore is home to crazy rich people.
In this article, you will find some interesting snippets of the top 10 richest people in Singapore, and some clue as to how they made their fortune.
The world was recently reeling from the news that Bill and Melinda Gates are divorcing after 27 years of marriage.
Apart from being shocked that such a decision has been made after having three kids and having journeyed through 27 long years of marriage, people are also interested in how their net worth will change after the divorce as they split assets and family wealth. According to some studies, Bill Gates’ net worth is currently standing at 129.7 billion USD, while Melinda’s net worth is 2.9 billion USD.
You might be thinking that such calculations make sense for the wealthy, however, is it relevant at all for the average Singaporean?
I would like to propose that tracking your net worth is an important part of financial planning and will help you to achieve your financial goals in the long run.