A new study by cross-border payment company, WorldRemit has shown that households globally spend more than 50% of their monthly income on educational pursuits.
The study further revealed that Nigerians of all remittance receive countries are most impacted by the disparity between average household income, fertility rate and cost of education
Gbenga Okejimi, Country Manager for Nigeria and Ghana at WorldRemit, noted that the multi -country study was embarked upon to determine the true cost of education as schools get in gear for a new academic year.
The study was carried out by mining data to compare average costs of core educational equipment with average annual incomes and fertility rates.
Okejimi pointed out that knowing the true cost of education is a priority for the almost 250 million people who live in different countries than their families.
Quoting Consumer Expectations Survey (CES), he said that 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.”
