Seemingly unrelated, penguins and degrees actually share more similarities than we may think. For starters, the survival mentality is the basis for both as we do our best and the necessary to survive and get ahead in life. Just like how for their own survival, penguins toss others into the waters as predator bait, we send our children to school to give them the qualifications needed to survive in our society.
Our society believes in the need for higher education and qualifications, thus resulting in a generation of paper chasers. However, while there has been an increase in graduates and decrease in the value of a degree, parents are still sending their children to universities with more going overseas despite the hefty sums involved. This is because like a penguin's tendency to inch towards the centre to avoid being the sacrifice, we too do our best to give our children the qualifications to help them to survive and become successful in our society. To better understand the rationale behind a university education, in particular an overseas education, we came up with several points for consideration.
#1 Overseas universities as an alternative
While there has been an increase in local universities and student admissions, the percentage of students entering local universities still remains at a low 32.3 per cent.1 This means that the remaining 67 per cent of students either stop at their current education level or head abroad to further their studies.
This low percentage can be attributed to the limited number of student intakes that we have with Singapore's birth statistics exceeding our number of graduates by almost 3 times. Therefore, while Singapore has produced a generation of paper chasers, not everyone would be able to obtain their qualifications from a local university. Hence, like how penguins migrate when conditions are not ideal, we too choose to send our child abroad for an education that we perceive to be more ideal.
(See "What Wikipedia Can't Tell You About Your Child's University Education")
#2 Universities overseas are more prestigious
Off the top of our head, we can all list a handful of universities that we know to be the best of the best. These are the most prestigious universities with only the 'cream of the crop' allowed admission to these institutions. While these universities may not necessarily be the best or most suitable for the course your child chooses, this is often disregarded with people only focusing on the institution's reputation.
With a certain level of prestige being associated with top global universities, parents may prefer to send their children abroad. 2 Moreover, the prestige of being a graduate of these universities would help your child with his/her job-hunt and career journey.
(See "You Might be in Massive Trouble, Without These 3 Insurance Policies")
#3 Getting a different experience abroad
Studying abroad can allow for experiences different to those in local universities. Your child would be able to experience a different education system and be exposed to foreign cultures. Additionally, living alone in a foreign country would give your child the opportunity to mature more quickly and develop all-rounded skills.
While Singapore's education system is undeniably one of the best,3 it has resulted in a 'pressure cooker' system where significant stress is placed on students.4 As such, when compared with countries such as Finland, we pale in comparison. Finland adopts a creative approach to their education and do not believe in the superiority of one institution over another. Furthermore, their countries are one of the least stressed but yet have education levels that are comparable to Singapore's.5 Therefore, this shows that studying abroad could allow for a different education experience and may create a less stressful environment for your child to learn in.
(See "Should You Buy Insurance for Your Child? Here's 3 Quick Tips!")
#4 Less debt
Afraid of the education debts you or your child may face? There are actually, cheaper options for an education.
With Germany offering tuition-free fees at their public universities, all international students are given the option to get a free education in Germany. By only paying for living expenses, studying overseas could be even cheaper than getting a local degree. Moreover, with universities such as University of Munich being ranked as one of the best in the world, this would allow you a prestigious degree and overseas exposure at a low cost.6
Other countries you could also consider are Austria or Taiwan. These countries produce highly ranked universities but have low annual tuition fees, thus making it an affordable choice for Singaporeans to consider.7 Therefore, while studying overseas may traditionally be associated with high costs it could also be an affordable experience.
(See "Pay lesser than iPhone 7+ for $1 Million Protection Coverage!")
#5 Chance at migration or to work abroad
If you wish for your child to migrate or work abroad, studying overseas could be the first step towards achieving your goal.
By making another country their home and immersing themselves in that culture, they would be able to hold part-time jobs or internships during their school holidays. This would enhance their employability, making it more likely for them to work in the country after graduation.
Additionally, your child would also be able to experience the country's culture and working habits, giving him/her a 'trial run' before actually committing to working in the country. This would prepare them for the potential culture shocks that they may experience at work. Moreover, some employers value overseas experience be it study or work, hence studying overseas could also enhance the employability of your child.
(See "Hard Truths: Why a $1 Million Insurance Coverage Is Necessary?")
At the end of the day, we only want our child to survive and succeed in our society, and the first step towards doing so is to get an education and qualifications. Some parents even put themselves in debt just so that they can send their child overseas for university. This however, is not recommended as it would only add unnecessary financial burden to you and your child and can be avoided with adequate planning. You could use an education calculator to calculate the estimated costs and shortfall that you may have or consider a savings plan to help build your education fund.
How FSMOne can help you get on track
Our team of friendly advisers are able to help you review your financial objectives, long term commitments, and offer you investment and insurance advice specific to your needs. If you would like assistance in reviewing your financial and protection portfolio, or simply to get a quote for an insurance plan, you can contact our advisers at advisory@fundsupermart.com.
Available Products on FSMOne Insurance |
Term Life, Whole Life, Critical Illness, Annuity, Health, Endowment from Manulife, NTUC Income and Tokio Marine Life Insurance *Please check with our advisory team if the product you want is available on FSMOne Insurance |
1Source: https://data.gov.sg/group/education
2Source: http://news.asiaone.com/print/News/Latest%2BNews/Singapore/Story/A1Story20130520-424015.html
3Source: http://www.oecd.org/education/singapore-tops-latest-oecd-pisa-global-education-survey.htm
4Source: http://www.straitstimes.com/singapore/when-grades-define-worth
5Source: http://www.todayonline.com/commentary/singapore-should-not-be-finland?singlepage=true
7Source: https://www.topuniversities.com/student-info/studying-abroad/where-can-you-study-abroad-free
Interested to learn more? Check out these articles:
5 Simple Steps on Getting Your Life Protection Coverage Right
How Do You Know If You Are Immune to Cancer?
To Your Insurance Agent, You Are Just a $4,000 Cash Cow!
Worried About Critical Illness? Here's 3 Plans You Should Know