There is no right or wrong answer for this – at the end of the day, it boils down to what the parents want their children to achieve and whether the children themselves have the desire, passion, and discipline to complete their degrees. Additionally, another point to bear is, are parents helping out financially and emotionally within their means, or not?
I am not a parent, but I believe all parents want the best for their kids. What does that even mean? All parents have different definitions of best, which is not up to me to comment, but the idea of encouraging your child to have a degree is to give him or her a head start in job hunting or career path. This is crucial as parents would love to see their children be independent, to be able to support themselves financially upon graduation and securing a job.
As the saying goes, “Give a man a fish and you feed him for a day; teach a man to fish and you feed him for a lifetime.” However, can you afford it? The following links show the estimated local and overseas tuition fees:
http://www.straitstimes.com/breaking-news/singapore/story/it-now-costs-262000-australian-degree-20130519
https://www.aia.com.sg/en/resources/13b61c004a85301e9e899ec94f5f7968/AIA_edufunding_flyera4_v2_sg.pdf
It states that an average 4-year degree in Singapore can cost up to $40,000 and up to $262,000 for an Australian degree. Assuming you are a parent and do not have to break a sweat for coming up with such amounts, then yes, I would encourage that you help to pay for your child’s university fees.
However, does your child want your help and is he or she really interested in the courses offered? Are you expecting your child to pay you back in instalment after he or she graduates and finds a job? These are questions only you yourself, as a parent, have answers to.
I have a negative and positive story to share with you. This particular child isn’t interested in studying almost all his life yet his parents decided to send him abroad for one last chance to get a reputable degree. The child ended up not completing his studies and was sent back home within 2 years. Here is a point to take away, does it really take 2 years to finally understand that your child has no interest in studying or a good 2 years’ worth of university fees spent to comprehend the need to stop spending and succumb to the fact your child has zero passion for school? The child obviously has no sense of the value of money and time; he knows he will be fed and have a roof over his head regardless. Therefore, this could in turn lead to his complacency in thinking that his parents’ money can and will solve everything in life.
The other positive story I have is about a close friend of mine. As a young adult, he already knew what he wanted to achieve during his stint in the army. He started researching on universities that will teach him the knowledge and build him the network he so desires. He prepared himself for the SATS diligently and ended up at New York University, where he graduated with honours and have never look back. I would say this is his great achievement and money well spent by his parents. What if you cannot afford your child’s university fees? Teach your child the value of money at a young age. Allow him or her to understand your financial situation from young, instill a sense of independence and pride in him or her, and encourage him or her to achieve his or her goals with his or her own ability.
Moreover, walk your child through the financial path of covering his or her estimated university fees by utilising savings from his or her part-time jobs and study loans from the banks. My conclusion is that upbringing, such as how and what parents cultivate in their child, plays an important role in determining their child’s success. Ultimately, there is no right or wrong in helping your child to pay for his or her university fees, it is what he or she is going to accomplish at the end that is important.