Investing in your child’s education

Getting a top-notch primary and secondary school education, which will allow students to get into a top university and establish a flourishing career, is a gift for life. The best schools in Hong Kong also give children the chance to know classmates who are likely to go far, thus creating a powerful support network which can last a lifetime.

Many parents see attending an international school as particularly advantageous. They believe the experience helps children get acquainted with different cultures, learn to speak several languages fluently, and earn an internationally accepted qualification on leaving.  

However, the best schools in Hong Kong – in line with other international financial centres - are expensive. So, if possible, it pays to start planning early - even before the child can speak – by getting your name on the waiting lists for different schools, calculating the likely expenditure, and starting to save right away.

A commitment to regular monthly savings helps and is the most reliable way of doing this without too much pressure. You can open a special account for the child, putting money into low-risk, long-term investment products or even a simple savings account to begin with.

Realise too that schools run on different systems, charge fees for different things, and may use a wide range of names for what amount to similar items. Therefore, general assumptions or comparing prices can be confusing and difficult. Even using school websites to get a feel for likely costs, one has to be very careful because items may appear on different pages or not be specified precisely.

Costs can be incurred as soon as you apply. Depending on the school, the admission page may list different fees for application, assessment, second assessment and admission. However, there might be only be a short reference to other items closely related to the admission process, such as nomination rights or debentures, which are usually spelt out in more detail elsewhere. So it pays to do a little digging for a full picture.

Most schools charge application and assessment fees. These can be around HK$1,000 or as much as HK$8,000 per application. Some schools give a discount for anyone applying a second or third time. Considering that many parents put in applications to five or more schools, these expenses can be considerable and should not to be overlooked.