Main image via Aiming Higher Consultants
A survey by HSBC has found that nine out of 10 university students in Malaysia are working whilst studying. Why? Because they need more money.
The report that was released on Monday showed that our students are working to bridge a significant gap between the cost of studying and the funding from their parents. Extra money earned from their jobs are going towards their study fees and increasing cost of living.
Image via Reuters
According to HSBC’s head of retail banking and wealth management, Tara Latini, more than half of Malaysian parents with a child at university tend to worry they do not have enough funds or financial resources to help support their kids.
It’s estimated that students spend RM67,600 over the course of their degree, with the inclusion of tuition fees, accommodation, bills and lifestyle costs. While most parents mentioned that they contribute on an average of RM24,100 towards their children’s university education, it leaves a gap of RM43,500 to fill from other means. To help with this, 7% of parents surveyed admitted that grandparents help with some of the funding gaps.
via GIPHY
So, what are our students spending their money on? Here are the average statistics of expenditure:
- Restaurants - RM5,728
- Clothing, Makeup - RM2,872
- Entertainment - RM2,600
Due to this need for more money, Malaysian students have been spending most of their study life at work rather than at a library or studying at home. A separate research done is also suggesting that students who work more than 20 hours a week can suffer from bad grades. Meanwhile, those who only work between 10 to 19 hours score better grades.
Image via New Zealand Now
Info via The Star
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