A group of graduates throw their caps in the air for a photograph after a graduation ceremony at Oxford University, Oxford, England, May 28, 2011. REUTERS/Paul Hackett It's that time of year when we're full of festive cheer but have empty wallets.

For those at university, the thought of heading back to student poverty is a little daunting over Christmas, especially in Britain and the US, where tuition fees eat into parents' budgets.

Britain and the US are known for high university tuition fees, but they actually don't top the list of places where parents spend most of their income on higher education for their children, or indeed what students have to pay for themselves.

The online B2B supplier site Expert Market analysed tuition-fee data from the Quacquarelli Symonds Top Universities for the academic year 2014-2015 and the Gallup Median Self-Reported Income report data in 2013.

It found that the UK and the US were actually somewhere in the middle of the top 11.

The list, which is based on on total tuition fees for a standard bachelor's degree which takes three to four years to complete, compared with a percentage of household incomes around the world, shows that some parents are willing to spend over 90% of their income on a standard bachelor’s degree at public institutions for their kids.

Each country has various different rules around exemptions, scholarships, tuition fee bands, tax exemptions, various schemes on how to pay back but the figures are an average of the tuition fees that were paid.

***Business Insider updated this article to return to just the two pieces of data that Expert Market used to make the article clearer for readers.