Your guide to raising a family in Hong Kong

Posted by PSR_AXP 20 mths ago

If you’re thinking about moving to Hong Kong with your family, one thing you’re probably concerned about is the cost. The cost of living in Hong Kong is notoriously expensive, and the cost of raising a child in Hong Kong reflects that. But just how much are we looking at? To help you understand the costs, our friends at Pacific Prime Hong Kong have put together this guide to raising a family in Hong Kong.
Cost of raising a child in Hong Kong
Raising a child in Hong Kong isn’t cheap but knowing what to expect can help make it financially feasible. The four financial considerations to keep in mind when you have children include:
1. Costs of childcare
Unless you’re well-situated financially, you’ll likely have to continue working to support your child. That means someone else will have to take care of your child when you’re at work. Hong Kong families often hire a domestic helper to help with the children and around the house. The Minimum Allowable Wage for a domestic helper is HKD $4,630 while day child care services cost between HKD $10,000 to HKD $100,000 per year.
2. Housing
One great thing about moving to Hong Kong as a family is that there are so many housing options. The average rent is around HKD $25,000, though the size of what you can get for that can vary significantly. You’ll generally get more for your money the further you move from Hong Kong Island. Many families choose to live in areas like Discovery Bay and Sai Kung for larger living spaces at similar costs to more central locations like Kennedy Town.
3. Education
Hong Kong consistently ranks as one of the most expensive places to send your child to school, with families paying HKD $1 million per child from kindergarten until undergraduate studies. At an international school, you can expect to pay an average of HKD $137,000 for primary levels while secondary tuition fees cost an average of HKD $156,000. Other mandatory charges throughout the academic year include uniforms, school trips, and fees.
4. Healthcare
As a parent, your child’s health comes first. It’s essential to factor in healthcare costs when thinking about the cost of raising a child in Hong Kong. While the quality of Hong Kong’s public healthcare system is comparable to private facilities at a fraction of the cost, it comes with downsides such as long waiting times and queues. Fortunately, having health insurance means your child can get the care they deserve.
Before choosing to raise your child in Hong Kong, be sure to take the financial considerations above into account. Being realistic about the expected expenses can help you better prepare for what’s to come.
Whether you’re looking for family health insurance in Hong Kong, maternity insurance, or more, Pacific Prime Hong Kong can help you find the best plan for your needs and budget. Contact us for a free consultation and plan comparison today.

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