Less than half of Singaporean parents are financially prepared for children's education - survey
Only 45 per cent of Singaporean parents are financially prepared for their children's education, according to a recent survey on financial awareness of families.
The survey, conducted by OCBC Bank in December last year, also revealed that more than half say they are either behind target or have not begun saving.
Forty-six per cent of parents also indicated that their children are not covered by any hospitalisation insurance. Their top reasons for not having any such plans are that "they just have not gone round to doing it, the children are too young and they intend to buy" when their children are older. But 44 per cent of those with children above the age of 11 said they still had not bought a hospitalisation plan for their children.
The survey polled more than 570 respondents who are parents with children below 16 years of age, parents-to-be, and those planning to start a family. The respondents, aged between 25 and 49 and have a monthly household income of above $5,000, were asked about their investment attitudes and financial habits.