fbpx
Tuesday, June 18, 2024
HomeNewsZim’s Cost of School Among Highest In The World –Report

Zim’s Cost of School Among Highest In The World –Report

www.263chat.com

The cost of sending children to school in Zimbabwe this year will be over 6 times more than the average household’s income, ranking it among the world’ s most expensive places for sending children to school, a report by a global payments company, WorldRemit shows.

The soaring cost of education is being attributed to the inflationary trends prevailing in the country which has seen the value of incomes depleted.

According to Zimstat, the country’s year-on-year inflation reached 257% in July making it the highest in the region.

According to the World Remit 2022 Cost of School study observing 21 markets globally, by comparing the average cost of basic educational needs with average annual incomes and fertility rates to determine the season’s financial impact on families around the world, most families will struggle to send children to school.

Zimbabwe showed the highest costs relative to average family size and monthly income at nearly 700% of the average family household income.

Other countries, including Morocco, Cameroon, Ghana, Kenya and Guatemala all can expect to pay more than 100% of their monthly household income on school supplies this season.

Of all countries observed, the US can expect to pay the lowest percentage of their household income (7%), and Uganda can expect to pay the highest percentage (838%)

ALSO ON 263Chat:  Castle Lite Winners Set To Unlock More Than Expected

WorldRemit recently connected with 3,000 international money senders to learn how inflation is impacting their daily behaviours and spending habits.

“The group listed educational support as one of the three primary reasons they send money overseas, but noted that as a result of the rising living costs, 52% now send money abroad to fewer people, with 72% now only sending to close family,” WorldRemit said.

“More than 244 million people are classified as immigrants around the world and account for large percentages of populations in countries like the United States (14.4% of total population), UK (9%) Australia (30%) and Canada (21.5%),”

“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. As such, planning for a child’s return to school can take months of financial planning for those working overseas to support family in their home country.”

Comparing with regional peers, Cameroon’s cost for sending a household of children to school this year will be nearly 4 times an average family’s monthly income.

In Ghana, the survey found that basic shoes for school-bound children mark the highest expense, accounting for nearly 25% of all costs this year.

In Kenya, families will pay more than 1.75 times their household monthly income on school supplies.

ALSO ON 263Chat:  #16DaysofActivism: Profiling Tsitsi Masiyiwa

In Nigeria, families can expect to pay 9% more in school supplies, with the item boasting the greatest percentage increase being a 30cm ruler (+30%).

 

 

 

 

Share this article

No comments

Sorry, the comment form is closed at this time.

You cannot copy content of this page