Think Singapore parents are very demanding? Here's what a Julius Baer survey shows

When it comes to tiger mums and dads, Singapore parents - at least the wealthy ones - are not in the same league as their more demanding counterparts from China and India. -- PHOTO: ST FILE
When it comes to tiger mums and dads, Singapore parents - at least the wealthy ones - are not in the same league as their more demanding counterparts from China and India. -- PHOTO: ST FILE

Singapore - When it comes to tiger mums and dads, Singapore parents - at least the wealthy ones - are not in the same league as their more demanding counterparts from China and India.

A survey by Swiss private bank Julius Baer of high net worth parents in Asia found that 59 per cent of rich families here expect their children to get as high as a bachelor's degree, close to those in Hong Kong (67 per cent).

But this would satisfy only 27 per cent of rich parents in China and 20 per cent in India.

Over 70 per cent of wealthy parents in these two countries expect their children to attain a master's degree or higher.

Julius Baer interviewed over 829 affluent parents in Singapore, Hong Kong, China (Shanghai and Beijing) and Mumbai - that is, the top 20 per cent of the population by household income who have at least one child in school - for its Asia Wealth Report.

It found that rich Singapore parents spend about 12.3 per cent of their monthly income on their children's education, the lowest of the four countries, compared to 14.7 per cent in China, 14.3 per cent in Hong Kong and 16.6 per cent in India.

They also saved 12.9 per cent of their monthly income for their children's future education - more than 11.6 per cent in Hong Kong, but less than the 14.4 per cent in China and 16.8 per cent in India.

Seventy-two per cent of the wealthy parents here expect their children to earn more than them.

But just 37 per cent are confident their child can succeed without their investment.

Surprisingly, given that they can afford to send their kids abroad to study, almost two-thirds or 64 per cent of affluent parents here strongly preferred local universities.

In comparison, 17 per cent of their counterparts in China would opt for a local university, while 33 per cent of Hong Kong parents and 19 per cent of Indian parents would do so too.