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11 May 2023

Econ Digest

Education expenses set to rise during the new semester…Parents are worried about their financial liquidity, while the government is being urged to implement a clearer and more practical education policy

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        Although the Thai economy is on a recovery path, a survey conducted by KResearch shows that more than 68.5% of parents are still concerned about their financial liquidity required for their children’s educational expenses for the 2023 school year. Most of them are still of the view that the overall economic conditions have not improved much while their income remains unchanged amid the rising cost of living. Most of the respondents, who are worried about their financial liquidity, belong to the low to medium income earner of less than THB40,000 per month, and have more than one school-age child. Most of the respondents have chosen to cut other expenses to ensure that they have sufficient funds to pay for their children’s educational expenses. However, those with insufficient income and/or savings to pay for education fess, school uniforms and supplies have opted to rely on borrowings from relatives/friends, loans from financial institutions and/or pawnshops, including request for a waiver or installment payments of educational expenses with schools.     

        KResearch expects that parents in the Bangkok Metropolitan Region (BMR) will incur an increase in their children’s educational expenses by approximately 5.0% or THB28.5 billion, as compared to the figures reported in our 2022 survey. Such increase is attributed to the rising education fees at some schools as well as rising prices of school uniforms and supplies resulting from increased costs. In addition, the poll shows that most parents want to see a clear and practical education policy from the government while the current curricula and contents of various subjects must be updated in line with future demand in the labor market. The government should invest in and develop the education system to ensure equal opportunities for all children. Priority must be placed on improving teacher capabilities and boosting the number of qualified teachers at schools.

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