Only 3 in 10 parents in UAE have a children’s education savings plan: New GCC survey

Only 3 in 10 parents in UAE have a children’s education savings plan: New GCC survey

DUBAI, United Arab Emirates: Tuition fees for higher education is the leading concern for 70 percent of parents in the United Arab Emirates (UAE) revealed a survey commissioned by Zurich International Life (Zurich), part of Zurich Insurance Group. The survey further revealed that less than a third of the parents surveyed have an education savings plan in place.

According to the survey, 39 percent of families in the UAE are digging deeper into their personal savings. In comparison, 15 percent have resorted to taking personal loans.

Conducted in partnership with research firm YouGov in July 2022, the survey covered over 1,500 GCC residents across the UAE, Saudi Arabia, Qatar, and Bahrain. It also included parents and married residents across various income groups, occupations, age groups, and gender.

“Our recent survey has unearthed interesting insights including the fact that a good 62 percent of parents in the GCC use their monthly income for school-related expenses while the majority of others rely on personal savings or loans. With the increasing cost of education and uncertainties of life, parents should seriously consider investing in a structured savings plan to support their child’s education. Always back your education savings plan with life insurance cover, which fully protects