*** Nearly Two-Thirds Would Send Their Children Abroad For College
*** Willing to Pay 27% More For Non-U.S. Higher Education ***
NEW YORK–(BUSINESS WIRE)–According to a recent HSBC survey, sixty-five percent of parents in the
U.S. would consider sending their child abroad for all or part of their
university education, with Japan and China seen as offering the highest
quality education available outside the U.S.
The HSBC Value of Education report Learning
for Life shows that among 16 countries surveyed, parents in 12
countries consider the U.S. to be the international destination offering
the highest quality education. Only in the United States did parents
identify China as one of the countries offering the best education
abroad. Among U.S. parents, 42% ranked an American education within the
top three available worldwide (compared to 51% of parents globally),
while 39% ranked China in the top three (compared to 13% globally).
When it comes to study abroad, 41 percent of U.S. parents would consider
sending their children abroad for a semester or partial course of study
at either undergraduate or postgraduate level, while 36 percent would
consider full-time enrollment in an international college. Globally, an
average of 44 percent and 53 percent of parents respectively would
consider these types of international opportunities.
The Learning for Life report also examined parent sentiment on
the cost of higher education. According to the findings, American
parents are willing to pay an average of 27% more to provide their
children with an international college education. In reality, with the
cost of an undergraduate education (tuition, fees and living expenses)
for a U.S. student averaging $52,366 in China and $85,960 in the United
States, American parents could save 39% by choosing China for a period
of study abroad. By comparison, an undergraduate degree for
international students in the United Kingdom – a popular destination for
American college students – costs an average of $119,513, a 39% premium
on a college degree in the United States.
“Studying internationally can provide students with a wealth of
knowledge both inside and outside the classroom, but whether sending
your children to college close to home or overseas, higher education is
a significant financial investment in your children’s future success and
well-being,” said Andrew Ireland, Head of Premier Banking, HSBC Bank
USA, N.A. “Parents should carefully and realistically evaluate all the
costs associated with going to college including travel and living
expenses, start saving early, and seek professional advice to ensure
they can cover the cost of providing a higher education that meets the
needs of their children.”
The U.K. was one of six countries in the HSBC’s Learning for Life
report where higher education costs for a U.S. student were higher than
in the United States — along with Australia, Canada, Singapore, Hong
Kong, and the United Arab Emirates. Meanwhile, nine others offered a
saving: Brazil, China, France, India, Indonesia, Malaysia, Mexico,
Taiwan and Turkey.
Notes to editors:
The Value of Education is a global consumer research study which
explores parents’ attitudes and behaviors towards children’s education.
The Value of Education Learning for life report, published in July 2015,
is available at hsbc.com.
The 16 countries in the league table are those surveyed in The Value of
Education Learning for life report – Australia, Brazil, Canada, China,
France, Hong Kong, India, Indonesia, Malaysia, Mexico, Singapore,
Taiwan, Turkey, United Kingdom, United States, United Arab Emirates. The
survey was conducted online in by Ipsos MORI in March and April 2015,
with additional face-to-face interviews in the UAE. The findings are
based on a nationally representative survey of parents in each country
who have at least one child aged 23 or younger currently (or soon to be)
in education, and who are solely or partially responsible for making
decisions about their child’s education. There was a minimum sample of
300 parents in each country.
HSBC Bank USA
HSBC Bank USA, National Association (HSBC Bank USA, N.A.), with total
assets of US $190.5 billion as of 30 June 2015 (US GAAP), serves 2.4
million customers through retail banking and wealth management,
commercial banking, private banking, asset management, and global
banking and markets segments. It operates more than 230 bank branches
throughout the United States. There are over 145 in New York as well as
branches in: California; Connecticut; Delaware; Washington, D.C.;
Florida; Maryland; New Jersey; Pennsylvania; Virginia; and Washington.
HSBC Bank USA, N.A. is the principal subsidiary of HSBC USA Inc., an
indirect, wholly-owned subsidiary of HSBC North America Holdings Inc.
HSBC Bank USA, N.A. is a member of the FDIC.
HSBC Holdings plc, the parent company of the HSBC Group, is
headquartered in London. The Group serves customers worldwide from
around 6,100 offices in 72 countries and territories in Europe, Asia,
North and Latin America, and the Middle East and North Africa. With
assets of US$2,572 billion at 30 June 2015, HSBC is one of the world’s
largest banking and financial services organizations.
Sherman, +1 212-525-6901