Is it true that over 50% of parents with children studying abroad have experienced higher costs than anticipated?
Many parents’ plans for their kids include an overseas education. The financial commitment that requires, though, can be a challenge for many families. And there are many other things to consider. For instance, are all the most popular destinations still in Europe and North America? If you’re planning to send your kids abroad, this article may help.
The survey finds that an increasing number of parents are planning to send their kids overseas while they are in secondary school or even primary school. The idea is to give their kids an earlier start in adapting to a new lifestyle and culture. These youngsters will also have more time to learn non-academic skills, broaden their horizons and become more competitive in the future.
The survey also finds that, among parents who are looking to enroll their kids in an overseas primary school, approximately 39% only started planning when their kids were already in primary school. The corresponding percentage is even higher among parents who want their kids to continue their secondary school education abroad -- 52% only started planning after their kids had become secondary school students. These figures clearly indicate that most parents wait too long before they start planning.
John Zhang, an expert on education planning and co-founder of Connexcel in the UK, is cited in the report as saying, “There’s a lot of things to prepare beyond academically. Parents need to make sure children are independent, mentally and socially mature and able to fit into the (overseas) environment. Parents don’t realise how early they need to prepare.” This is especially true of primary and secondary school students, who typically need a longer period of transition to adjust to the local culture and education system.
Even though 88% of respondents had a good understanding of the all the expenses that would be incurred by their kids’ overseas education, over half (58%) of them have still found that the costs were higher than anticipated. The factors that contribute most to the shortfall are inflation, accommodation and living expenses. Most parents (83%) say they can dip into their own savings to pay for some or all of the expenses, but 44% say they will finance their kids’ overseas education by taking out loans.
For the full survey report, please visit <Ready for anything: Preparing for overseas child education among mainland China and Hong Kong parents >.
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Publication date: March 2024
Issued by HSBC Life (International) Limited (Incorporated in Bermuda with limited liability)
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