A generational divide in attitudes towards international education and where to study is emerging, according to a new report from HSBC.
HSBC’s Quality of Life report, which surveyed more than 11,200 affluent adults in 11 markets around the world, reveals that while the US, UK and Australia remain the top study destinations, younger generations of current and future parents, such as Gen Z (68%) and Millennials (67%), are more likely to prioritise a university closer to their home region.
The report found new emerging destinations for overseas university education:
• Mainland China is increasingly popular among younger Singaporean parents
• Singapore is emerging as a top destination for younger parents from Mainland China, India, Malaysia and Taiwan
• Continental Europe is emerging as the top region for parents from the United Kingdom
• Canada is growing in popularity with parents from the United States
Katie Wilkins, global head of international propositions, HSBC, said: “We’re seeing a shift in attitudes towards international education in younger generations of parents, who are looking to balance their child’s education with global aspirations and proximity to home, compared to their older counterparts.
“More families are coming to us as they begin their international education journey, as the complexity of choice means they need a globally-connected financial services partner to help them navigate decisions with clarity and confidence.”
Most parents (78%) would select a university if it allowed their child to pursue their passions, with Millennials (83%) 10 per cent more likely to prioritise their child’s interests when selecting a university compared to Boomers (73%). Millennial (81%) parents are 15 per cent more likely than Boomer (66%) parents to ‘strongly or somewhat agree’ with an education option that allowed their child to explore an entrepreneurial path if it had a positive impact on their child’s overall well-being while studying overseas.
Younger generations of parents also prefer institutions with future-focused curricula; with 82 per cent of Millennials and 77 per cent of Gen Z respondents agreeing that an innovative education is important, compared to 30 per cent of Boomers who ‘strongly agreed’ it was important.
The majority (66%) of parents believe that an international education will lead to global exposure for their child and enhance their future opportunities.
Dr Wanying Zhou, University of Oxford, Wellbeing Research Centre, Research Fellow, specialising in Adolescence Well-being and International Education, said: “HSBC’s report comes when the international higher education landscape is witnessing a period of rapid change and diversification. Families are considering ‘satellite campuses,’ and as digital transformation within the education sector gathers pace, parents and students are also exploring new avenues, such as online learning which can allow students to study independently while being close to home.
“Whichever educational path a student chooses to take, study abroad can bring both rewards and challenges and it’s important for families to be prepared for this period.”
