Child education in the UAE can cost up to Dh1.5 million, according to the latest report published by Old Mutual International. Dh1.5 million covers the time span from admitting a child in school to getting him/her enrolled in a university in the UAE.
Children’s education fund
Old Mutual International Regional Director for the Middle East and Africa, Brendan Dolan,said, “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 especially the case in the UAE where all expatriate parents need to pay for their children’s education”.
The findings of the report were released at the launch of Old Mutual International’s new online tool to help families for calculating the cost of education.
If parents in the UAE depend solely on their incomes for educating their children, it can prove to be a ‘risky strategy’ as the cost of education in the country is high.
The cost of education increases dramatically if a child studies in the US as the cost of a four-year course can rise to Dh681, 124, which includes university fees, transport, room and board and other living costs.
When compared to the US, studying in the UK is cheaper as it costs around Dh323, 700 to get enrolled in a three-year course at university, transport, rent and other living expenses. However, the cost can rise
if a child is studying in any of the top London universities.
Mr Donald suggested that parents should consider the option of opening a trust fund – the trust fund can benefit the children especially if something unfortunate happens to one of the parents.
In this regards, he said, “The various potential risks should also be taken into account, for example, what if one or both of the parents lose their jobs have an accident or die? Or an unexpected situation may arise when there are competing priorities, such as looking after an elderly relative.”
Old Mutual International
Old Mutual International is a subsidiary of Old Mutual Wealth – a leading wealth management business, which is overseeing £111.2 billion in customer investments. Old Mutual International is a financial solutions provider.
For years, it has been helping expatriates and locals in investing for a better and secure future. Old Mutual International offers its services in Europe, Middle East, Africa, Sweden, America, Hong Kong, Singapore and South Africa.
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