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Cost of Education in Singapore 2018

With rising prices year-on-year for many things especially on basic necessities like food, transportation, properties and education. We tend to ask ourselves ‘how much income is needed to survive’ in Singapore’s competitive landscape.


Transition into parenthood is a new joy in life. As we build on a strong foundation of a desirable family for our children, it is also a journey that begins the sacrifice of our freedom enjoyed during bachelorhood.


A report indicated that the cost of raising children in Singapore amounted to an approximate $200,000 at the lowest range to an enormous sum of $1 million at a high range. While education cost remains one of the top priority on parents ‘expense’ lists. Many have begun to invest in enrichment classes or tuition centres, which further add on to the education fees, suppressing their spending power.


The spending on education cost is correlated to the cost of living in Singapore. If your child aims to be a doctor, specifically specialized in surgical studies. You probably would have imagine at present, a 6 digit sum is needed to fund the education need at university level.




The starting point of planning for education costing forecast is to look at your current income or earning capacity. Aside that, add on to the list of your daily spending or average monthly expenses such as food, clothing, healthcare and contingency costs whenever applicable. This should give you a gauge on whether your net balance funds is suffice to plan for a portion of savings towards education.


If you are an expectant mom, visits to the gynaecologist and delivery of a baby would cost between $10,000 to $14,000 for private hospitals and $6000 to $1000 for public hospitals. Government subsidies and Medisave may be able to assist in lowering such cost payable in cash.


In 2016, about 4,000 infants are placed in childcare; giving rise to a 60 per cent jump in comparison to 2012. The centre charges an approximate $1,360 monthly before subsidy for a full day care. One reason could be the increase number of working parents, where reliance on the sole breadwinner could put them at risk should unforeseen circumstances happen. Without life insurance support on death benefits, it could further complicate the current situation.


Though primary and secondary school fees remained comfortable for most Singaporeans. The cost of uniform, school books (not limited to only tuition), food & drinks over a period of 10 years may rise to thousands of dollars.


The real burden comes when university enrolment starts to roll into our sleeves. A study by the Economic Intelligence Unit (EIU) revealed a four-year degree will cost 70.2 per cent of a yearly income of an individual in 2030, an up rise trend from 53.1 per cent in 2015.


Tuition fees at local university has also gone up by every year due to rising operational cost for most undergraduate studies.




Education planning is always a daunting task for many parents. You could feel intimidated by the spiralling trend of education cost.


It is always best to know what are the subsidies or government grants regardless of whether you need it or not.


The Ministry of Education provides assistance in its Tuition Fee Grant programme to help students with paying for the cost of tertiary education up to 80 per cent of tuition fees for students in local universities and polytechnics.


FRANK by OCBC is a financial planning programme targeting 16 to 29 year olds to be financially prudent in 4 core areas of Save, Spend, Invest & Protect. Education loans are provided for students enrolling on their first-year of tertiary education as well as for working adults who are looking forward to further their education to a higher level.


According to HSBC ‘s latest report on a brief survey involving 336 group of parents with at least one child aged 23 years old or younger, 81% percent of Singaporean parents intend to send their children abroad for studies. However, it contradicts heavily on the expectation of parents whereby they only budgeted to pay on average 48% of the education overseas.




70% of parents are confident of their child's future

81% of parents are ready to make personal sacrifices for the sake of their child's success

USD 70,939 is the average amount parents spend on their child's primary, secondary and tertiary education

96% of parents would consider enrolling their children for a post graduate studies

67% of parents are funding their children day-to-day education via their income

Australia is the most likely country parents would send their children to for education studies


Source: HSBC Premier Value of Education Singapore Report 



It pays to prioritize and give more attention to plan ahead of your children's education. So to answer on your question of how much is the cost of education in Singapore in 2018. One might only knows an estimation of it right from the moment you send your child to a day centre to fulfilling their undergraduate studies. 

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Note: Sources on facts & figures are based on external user generated content such as The Strait Times, HSBC report, Dollar Sense and related financial website. 


Important Note: This article is generated for general educational and informational purposes only. Therefore, it shall not be taken as a final professional advice. Readers are advised to seek financial advice to find out more about achieving their financial needs, wants and objectives with the assistance from a professional financial planner.