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Financial planning is perhaps the most important part of planning that you should do in your lifetime, not just for yourself but for your family and your loved ones.




Education Cost:


The cost of tertiary education is or will be a major expenditure for you if you have kids. Unlike shopping for new clothes or booking a holiday, tertiary education cost is as significant as buying a new car or even in some cases a new house. It therefore requires long term planning.

You would manage better if you start planning early for your children's tertiary education, perhaps by setting aside a monthly amount in a fund for them when they are born or when they commence schooling. You also need to consider the rise in tertiary education cost which over the last decade has generally gone up higher than inflation. A simple rule of thumb may be to take a factor of two, i.e. if inflation is 3% p.a., take inflation of education cost at 6% p.a. [Please note that this should not be taken as financial advice. Each of us should use our own judgement about future costs as there is no right or wrong way to predict. Consult your financial planner if you are not sure.]

The following is a rough guide to the costs for those countries that parents commonly send their children to for tertiary education. Please note that these are merely indicative to help you in planning and may not be relevant or accurate or even within range in any particular case. The figures are updated to 2012 but will require your own check or update before using for planning.

The following are provided merely to give a rough estimate for planning purposes. We shall not be liable for any errors in estimation.

Country of Education Current Annual Tuition Fee in RM per annum 80% Current Annual Living Expenses in RM per annum 80% Year Updated
Low High   Low High    
Australia 100,000 150,000 120,000 75,000 100,000 80,000 2012
Canada 60,000 100,000 80,000 50,000 80,000 64,000 2012
China 20,000 30,000 24,000 20,000 30,000 24,000 2012
England 75,000 150,000 120,000 100,000 150,000 120,000 2012
Hong Kong 40,000 60,000 48,000 50,000 70,000 56,000 2012
India 25,000 80,000 64,000 18,000 30,000 24,000 2012
Indonesia 25,000 50,000 40,000 20,000 30,000 24,000 2012
Japan 50,000 120,000 96,000 70,000 100,000 80,000 2012
Malaysia (Gov.) 10,000 15,000 12,000 12,000 24,000 19,200 2012
Malaysia (Private) 25,000 50,000 40,000 12,000 24,000 19,200 2012
New Zealand 70,000 90,000 72,000 50,000 75,000 60,000 2012
Russia 18,000 25,000 20,000 10,000 20,000 16,000 2012
Singapore 40,000 60,000 48,000 40,000 60,000 48,000 2012
Taiwan 20,000 30,000 24,000 20,000 30,000 24,000 2012
United States 70,000 100,000 80,000 50,000 80,000 64,000 2012
   If you feel that any of the range of costs here is not reflective of the actual situation, please drop us a note at general@rockwills.com