August 30, 2012
'Sports' Takes Over 'Tuition on Academic Subjects' as the Most Popular Extracurricular Activity
Taipei, 30 Aug 2012 – The majority (86%) of Taiwanese parents regularly save part of their income towards their child’s education, ahead of Hong Kong (82%) and China (76%). That’s according to the results of the latest MasterCard survey on Consumer Purchasing Priorities – Education. Taiwan also scored above the regional average (72%) of the 14 Asia/Pacific markets.
Taiwan once again emerged as a leader in the survey, with average expenditure on children’s education remaining stable at 15% of household income, topping both China and Hong Kong, who tied at 13%, for the second consecutive year.
In addition, the majority of parents in Taiwan save regularly, most setting aside an average of 17% of income for their children’s education as compared to those in China and Hong Kong who tie at 15%. Taiwan also came in ahead of the regional average of 16%, ranking third in the Asia/Pacific region. Thailand and the Philippines led the region at 23% and 19%, respectively.
The survey also showed that Taiwanese parents put a strong emphasis on extracurricular activities, with nearly eight in 10 parents sending their children for enrichment classes. The most popular activities Taiwanese parents are sending their children for are sports (36%), tuition on academic subjects (35%), foreign language classes (33%), and music classes (33%). Sports has risen in importance from a year ago to replace tuition on academic subjects as the most popular extracurricular activity in Taiwan, indicating that Taiwanese parents are caring more about enriching their children’s lives with outdoor activities.
“Taiwan again stood out in this year's survey as a leader in Greater China in terms of how willing its people are to set aside a significant portion of their income towards education for their children,” said Julie Yang, head of Taiwan, MasterCard Worldwide. "It is also the first year that sports ranks as the most popular extracurricular activity, and this shows that more Taiwanese parents are realizing the importance of nurturing their children’s development both physically and academically."
Other interesting findings from the survey include:
- Six in 10 of respondents in the 18-24 years age group are likely to further their university education and one-third of them expect their parents to foot their tuition fees.
- Respondents in the 25-64 years age group are most likely to take local part-time courses. Nearly all who plan to return to university to further their education will pay out of their own pockets.
- Art seems to be losing its attraction among the extracurricular activities Taiwanese parents are sending their children to, with a sharp dip (23% to 14%) of children attending such classes.
- More than half of parents surveyed are planning to send their children to local universities.
- 43% of respondents are likely to attend an educational course in the next twelve months.
The MasterCard Survey on Consumer Purchasing Priorities, released twice yearly, is aimed at determining consumer spending priorities, including education, travel, dining and entertainment, financial management and expenditure of luxury goods across 14 markets in Asia/Pacific. The survey and its accompanying reports do not represent MasterCard financial performance.
The latest MasterCard research is based on a survey conducted between 24 April 2012 and 10 June 2012 and involved 6904 respondents aged 18 – 64 in 14 Asia/Pacific markets with 421 respondents in Taiwan, 409 in Hong Kong and 845 in China.
|Rank||Avg. Monthly Expenditure on Children's Education||Avg. Monthly Savings on Children's Education|
The MasterCard Worldwide Index suite in Asia/Pacific, Middle East and Africa includes the long-running MasterCard Worldwide Index of Consumer Confidence, as well as the MasterCard Worldwide Index of Women’s Advancement, Online Shopping, Index of Financial Literacy, and the Index of Global Destination Cities. In addition to the Indices, MasterCard’s research properties also include a range of consumer surveys including Ethical Spending and a series on Consumer Purchasing Priorities (covering Travel, Dining & Entertainment, Education, Money Management, Luxury and General Shopping).
MasterCard also regularly releases Insights reports providing analysis of business dynamics, financial policies and regulatory activities in the Asia/Pacific, Middle East and Africa region. Over 80 Insights reports have been produced since 2004.
MasterCard has also released a series of four books on Asian consumer insights, authored by Dr. Yuwa Hedrick-Wong, Global Economic Advisor for MasterCard Worldwide and published by John Wiley & Sons.
MasterCard (NYSE: MA), www.mastercard.com, is a global payments and technology company. It operates the world’s fastest payments processing network, connecting consumers, financial institutions, merchants, governments and businesses in more than 210 countries and territories. MasterCard’s products and solutions make everyday commerce activities – such as shopping, traveling, running a business and managing finances – easier, more secure and more efficient for everyone. Follow us on Twitter @mastercardnews, join the conversation on Cashless Conversations Blog and subscribe for the latest news.