Wealthy Families Spend 1.7 Million Dollars on Education Per Child. What Do They Learn?
The education expenditure of wealthy people in the US increased by 5.6 times in 24 years, and the amount per child exceeds 1.7 million dollars (about 190 million Yen). When compared to the average amount of education fee paid by common parents in the US, the gap is approximately 30 times.
The education of wealthy families starts right from pre-school (before primary school), they spend money lavishly on aspects such as examination guidance courses from prestigious primary schools, foreign languages, music, art and sports, especially compulsory education and university tuition.
The University costs rose ~9 to 10 times in 44 years.
“HNWI = elite university” is well-established all over the world nowadays, but how much do they invest in education for their children in order to enroll them in an elite university?
According to the survey result of the US life information magazine “Town and Country” on 28th June 2017, the total cost of education spent in 1973, right from childhood to a university graduate, was 300,000 dollars. However, it has increased to 1.7 million dollars in 2017.
When compared to the past and present university’s cost on purpose of considering the inflation, the total expenditure in 1973 for Harvard, Yale, Brown University and more, cost around 5,000 dollars per year, and Pennsylvania University was around 3,000 dollars. In 2018, Harvard University increased to 46,000 dollars and Yale University was 53,000 dollars, which increased 9 to 10 times. The university’s tuition pushes up the overall educational costs, and it affects both the wealthy and common people.
Preparing for exam- Invest 99,000 dollars in pre-school
Taking much cost is not only for a university. The wealthy people begin investment for their child before enrollment in nursery or kindergarten. Under the guidance of experts, many parents prepare towards exams from the pre-school (before primary school). For instance, Aristotle Circle, pre-school in New York, costs ~250 to 450 dollars per hour lesson. 10 hour-course costs 4,500 dollars.
Horace Mann School, which is the prestigious nursery for 3 to 4 years-old children, costs ~34,000 to 47,000 dollars in a year. 2-year nursing requires ~73,000 to 99,000 dollars including 10 hours preparation fee.
The mainstream of educational investment is as follow. The learning standard in the US depends on states. Basically, the people of US take nursery or kindergarten as compulsory education, which is like Japanese elementary, followed by junior-high and high school. The age range from nursery to high school is ~5 to 18 years old. After that, they proceed to the university and graduate school.
In the case of taking kindergarten to lower grades of primary for ~5 to 9 years old in Francis W. Parker School in Chicago, it would cost ~30,000 to 32,000 dollars per year. In the case of doing it for ~10 to 14 years old in Milton Academy, it costs ~35,000 to 43,000 dollars annually. In those of ~14 to 18 years old in Harvard-Westlake School, it costs 39,000 dollars per year.
Another learning and supplementary classes, except compulsory education, are hard to avoid the cost. When your 4-year-old child takes the lessons in The Diller-Quaile School of Music, the annual fee costs 30,000 dollars. During the compulsory education period, the Foreign language mentoring costs a total of 100,000 dollars. NYC Junior volleyball club requires a total of 57,000 dollars for ~8 to 18 years old. Mathematics supplementary lesson from ~8 to 17 years old costs 80,000 dollars in total. Educational investments are too numerous to mention.
The University fee comes finally. The cost of single or dormitory life will be added to the tuition. As a result, the total educational expenditure you spent on kids in 22 years will be over 1.7 million dollars.
The wealthy parents invest 30 times as much on education
These numbers are only examples and the actual amount of money spent will vary considerably in each family. The elite way is not ensured even though they spend money like water.
However, in Horace Mann School, nursery pupils can pass through primary school without any exams. The elite career path provides pupils with circumstances that are easy to make an education gap in the future (Business insider article on December 1, 2017).
On the other hand, HSBC investigation revealed that common parents in the US pay 58,000 dollars as total education fee per child, from primary to university graduation. More than 8,400 parents in 15 countries such as US, UK, China, Singapore, Canada, and more, took part in the investigation, which includes tuition, textbooks, transportation, boarding fees (CNN article on June 29, 2018). Simply calculating, wealthy parents spend 30 times more on education than those of common parents.
Math and reading comprehension widen the ability gap- comparing the high and low-income families
It is no surprise that well-educated kids take advantage of scores than less-educated kids. It is said, “Generally, a wealthy child makes a good score in school, compared to a child who comes from the middle and low-income family.” Economic factors may affect the difference in education and family environment.
The kids in the wealthy families take opportunities that meet various stimulation and education from early years such as kids’ way of speaking. On the contrary, the kids in low-income families strongly tend to miss the chance because of economic reason. It is also said that mathematics and reading comprehension widens the ability gap since 1970 (Washington Post article on September 26, 2017).
It is said that children’s poverty problems are getting worse in Japan as well, but even in the US, the educational gap of family economic conditions seems to start since early childhood.