Malaysia Ranks 5th Most Expensive For Uni Degree
Malaysia has been ranked the fifth most expensive country to get a university education in relation to household income.
Based on a London-based Expert Market survey, the average working parents in Malaysia spend 55% of their salaries on each child to complete tertiary education.
Ironically, the survey showed that Malaysia registered the lowest tuition fee cost among the top 10 most expensive places to send your kids to university at an average of RM76,925.
According to the survey, Malaysia has around 20 universities and fees are competitive compared to the rest of the world. However, domestically, the average wage is still only RM2,052 per month. This means without scholarships or loans, parents will lose over half their wages in tuition fees.
The survey covered 40 countries based on its tuition fees listed on the Quacquerelli Symmonds Top Universities for academic year 2014/2015 and the 2013 Gallup Median Self-Reported Income.
The most expensive country for a university education is Hungary, which has one of the lowest household income. Parents in Hungary have to fork out a whopping 92% of their salaries to fund their child’s degree. The top five in the list includes Romania at 86%, Estonia at 76% and Chile at 73%.
Britain was one of the very few countries in Europe that charges no tuition fees at all. Norway, Greece, Poland and Ireland were among several European Union states that offered a degree entirely for free.
With tuition fees on the rise, parents will need to start saving for their kid’s education early. It will no doubt involve a significant amount of planning and budgeting. You can leverage on your spending habits by using a credit card that suits your lifestyle.