…Data shows Nigerians are most impacted among receive countries by the disparity between average household income, fertility rate and cost of education
…45% of all Nigerians can anticipate basic seasonal costs to meet or exceed a full month’s income
TUE 31 AUG, 2021-theGBJournal- Back-to-School season is here! Around the world, families are making plans to get their children ready for the school year with the proper gear and tools to set them up for success.
In line with this exciting time, WorldRemit conducted a multi-country study to determine the true cost of education in 10 countries, mining data to compare average costs of core educational equipment with average annual incomes and fertility rates.
Of the 10 countries in the study, the data showed Nigerians are most impacted by the disparity between average household income, fertility rate and cost of education. The current fertility rate in Nigeria is 4.67 children per household.
That means an average household can anticipate basic seasonal costs to meet or exceed N241,789.25 or $580.29 USD, which is more than a full month’s income for 45% of all Nigerians.
More than 244 million people are classified as immigrants around the world and account for large percentages of populations in countries such as the United States (14.4% of total population), UK (14%) Australia (30%) and Canada (21.9%).
In these countries, where average household incomes are amongst the highest in the world, immigrants and overseas foreign workers are often working to support themselves whilst also supporting their families and communities back home.
According to a recent Consumer Expectations Survey (CES) education is one of the primary reasons immigrants and overseas foreign workers (OFWs) send money back to their home country. Because of the high cost of education in many regions and the opportunities an education provides to a young person, it is vital for senders to be able to support those dearest to them with the gift of an education.
For the nearly 250 million people who live in different countries than their families, understanding the true cost of education is often top of mind.
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