Cost of raising children an increasingly heavy burden for HK parents
Raising a child from birth to university is a financial struggle for manyparents who feel compelled to shell out large sums on education and even holidays, writesLi Hui-ming
Mok Lai-kwan and her husband, both middle-ranking civil servants, knew from the start that raising a child would drain their resources. But neither expected it would begin as soon as their baby was born. Within a month, they had spent more than HK$200,000 on medical treatment for their daughter, who was diagnosed with a nerve disorder of the colon.
The first two years were especially tough as medical bills piled up, with many visits to specialists and hospitals.
"At that time, we were struggling to make ends meet. We had to employ a helper as neither of us could afford to give up work to look after her," Mok recalls.
Fortunately, their daughter recovered fully and they later managed to sign her up on a medical insurance scheme against future health problems.
Medical issues aside, Mok and her husband are like many other middle-class families with children (University of Hong Kong social scientist Paul Yip Siu-fai defines middle-class households as those earning HK$50,000 or more each month - only 10 per cent of the city's 2.4 million households). Between paying for the children's health care, tuition and other expenses until they finish university or some other tertiary training, there's not much spare cash.
Other than buying a home, providing the children with a sound education so they can make their way in the world is undoubtedly a top priority and often the biggest outlay for the family.