Asia's tiger parents must ensure they have enough savings for their children's education
Kevin Martin says a survey showing a hands-on approach to parenting and willingness to invest in education underlines the need for financial planning so that funds don't fall short
Parents in fast-growing economies, especially in Asia, have strong opinions on what their children should study and are keen to get involved, but paying for a good education can put a strain on family finances, a survey of parents in 16 countries and territories around the world has found.
Parents in Asia told us they have clear ideas about what career paths are best for their child. More than nine in 10 parents in mainland China, Indonesia and Malaysia have a specific occupation in mind. Medicine is the top choice globally, but parents in India want their children to consider careers in computer science, perhaps reflecting its importance to the national economy.
Many parents want their children's university education to equip them with knowledge of the business world: on the mainland and in Hong Kong, Taiwan and Singapore, parents' preferred degree subject is business, management and finance.
Western parents primarily want their child to choose a path that suits their own preferences and skills, while parents in Asia are more likely to focus on the realities of what is needed to succeed in a competitive work environment.
They are not wholly focused on income-earning potential, however. Parents in Asia are also likelier to say that they want their child to do work that benefits society. And they place a high value on formal academic education to meet these long-term goals. About 90 per cent of parents in mainland China, Indonesia, Malaysia, India and Singapore think an undergraduate or higher degree is necessary for their child to achieve important life goals, compared with fewer than half of the parents surveyed in Australia, Canada and Britain.
Parents in Asia are prepared to get involved in a very practical way to give their child the right opportunities. More than half of parents in Britain and Australia do not seek any guidance about their children's university education, but more than four in five parents on the mainland and in Indonesia, Malaysia and India do - whether that be consulting friends, teachers or websites.
Parents in Asia are also likelier to say that they want their child to do work that benefits society