Often when dealing with numbers, data and statistics, it happens to come across unexpected results. So, for example, the latest OECD report, which analyzes – among other things – how much each country allocates in economic terms to education, yields a photograph that is worth investigating.
According to the report, Norway is one of the countries that spends the largest share of its GDP on education (6.7%), while one of those that allocates fewer funds is Russia (only 3.4%).
The OECD report stresses: “the willingness of policymakers to broaden access to educational opportunities and to provide high-quality education can translate into higher costs per student and must be balanced with other demands on public spending and the tax burden. Consequently, whether the resources devoted to education produce adequate returns occupies a prominent place in the public debate. Although it is difficult to assess the optimal resources needed to prepare each student for life and work in modern societies, the international comparisons of expenditure on educational institutions per student can provide useful points of reference”.
And what about the parents’ expenditure for the education of their children?
According to a recent HSBC study, Hong Kong parents spend the most money on their children’s education, leading the way with an average spend of $ 132,161. The UAE is second with $ 99,378, while Singapore completes the top three with $ 70,939. The report also reveals that 87% of all parents surveyed support their child with education funds, with the highest percentage (98%) in Indonesia and the lowest in France (76%) and the UK ( 71%).