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Almost half of Kazakhstani parents save up for their children's education

The study by life insurance company Freedom Life demonstrates that only 6% of all parents surveyed are ready to pay for their children’s education at any university. 29% of respondents are not ready to pay for higher education in reliance that their child will score enough points on the UNT to enroll in a grant in some major. 46% start saving for university education a few years in advance. 19% prefer to act according to the situation, if there are not enough funds for education, a loan from a bank or friends will help.
Almost half of Kazakhstani parents save up for their children's education

Most of the interviewed parents, 47% of them, earn an average of 200,000 to 400,000 tenge per month. 44% of respondents get up to 250,000 tenge. A smaller part, 9% have monthly earnings of 400,000 tenge and more.

Only 22% of respondents are familiar with financial instruments such as investing in securities, bank deposits and endowment life insurance.

Among respondents who are saving or planning to save for their children's education, 38% are accustomed to saving cash, 11% have already opened a deposit, and another 34% are only planning to open a bank deposit for this purpose. 14% of people in the survey intend to use endowment life insurance (ULI), and another 3% have already entered into an agreement with a life insurance company (LIC) for this purpose.

75% of those who have chosen endowment life insurance or have already signed an agreement with an insurer, expect to be saving up from 5 to 10 years. 23% prefer to conclude a contract for a period of 3 to 5 years. The rest enter into a contract of 10 years or more.

Photos are from open sources.

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