Getting a local university degree will get much more expensive by 2030, says EIU

Guess how much parents will have to shell out.

If you think a university degree in Singapore is expensive now, then just be thankful that you're no longer studying by 2030.

A report by the Economist Intelligence Unit (EIU) showed that a 4-year degree will become significantly more expensive over the next fourteen years, with a university education estimated to cost 70.2% of the average annual income by 2030 compared to just 53.1% in 2015.

In 2015, Singapore was ranked 11th out of 25 countries in terms of education affordability as a percentage of annual income. By 2030, the city-state will slip to 13th place, behind regional peers such as Hong Kong, Japan, and China.

Meanwhile, public expenditure on education as a % of GDP is expected to drop to 2.7% in 2030 from 3.4% in 2015, in tandem with the country's shrinking population.

The report, called the Yidan Prize Forecast, was backed by the Yidan Prize Foundation.

Norway topped the charts in terms of affordability, followed by Saudi Arabia and Germany.