Global Report | The Value of Education - Learning for life

The research

The Value of Education is an independent consumer research study into global education trends, commissioned by HSBC. It provides authoritative insights into parents’ attitudes and behaviour towards their children’s education around the world.

This report, Learning for life, is the second in the series and represents the views of 5,550 parents in 16 countries and territories:

􀅶 Australia

􀅶 Brazil

􀅶 Canada

􀅶 China

􀅶 France

􀅶 Hong Kong

􀅶 India

􀅶 Indonesia

􀅶 Malaysia

􀅶 Mexico

􀅶 Singapore

􀅶 Taiwan

􀅶 Turkey

􀅶 United Arab Emirates

􀅶 United Kingdom

􀅶 United States

Abstract of the Report

FINANCE MATTERS - Save early to send kids abroad for higher edu: Survey

As studying abroad gains premium and more and more Indians are flying out for undergraduate degrees, a survey found that parents need to prepare themselves financial y. Indians, though willing to pay the maximum premiums 60%) to send their children abroad for higher education, have misjudged the cost which s disproportionately short of he actual cost of education for undergraduate studies.

“There is a need for parents o realistically consider the costs, re-evaluate their savings and plan accordingly so that hey can support their chil dren's ambitions,“ said S Ramakrishnan, head of Retail Banking and Wealth Management, HSBC India. “Starting o save early and seeking pro essional advice can help parents meet their children's education aspirations.“

The bank surveyed 5,550 parents across 16 countries and found that on an average, he extra cost of an interna ional undergraduate educa ion is 6.3 times more than parents would consider paying.

HSBC's recent edition of The Value of Education report “Learning for Life“ survey highlighted the need for par ents in India to save more to finance their children's interna tional education in undergraduate studies.

The report showed how much extra parents would consider paying to send their child to university abroad. By comparing this expectation with the actual cost of completing an undergraduate degree there, it was clear that many parents have unrealistic expectations. For parents in India, this gap is the highest.

The additional funding requiredby parents to send children abroad for higher studies can vary significantly between countries. The US is regarded as offering the best quality of education worldwide, but the cost of attaining an undergraduate degree there as an international student can exceed Rs 1.09 crore, making it the most expensive destination globally . For Indians, the additional cost of sending their child to varsities in the US instead of a domestic university is 12.6 times greater than the premium they would consider paying. This is because in India, where a domestic university education is the least expensive of the 16 surveyed countries, parents regard the most expensive destination overall--the US--as offering the highest quality education.

Source | http://www.hsbc.com/~/media/hsbc-com/newsroomassets/2015/pdf/voe-2-global-report-final-lr.pdf