New Delhi: India has the world’s highest proportion of parents (88%) willing to send their children abroad for post-graduate studies, ahead of Turkey (83%) and Malaysia and China (82% each), according to a new education report by HSBC unveiled on Wednesday.
The new report, ‘The Value of Education: Learning for life’, found that while India tops the chart of parents showing maximum interest, Australia has the lowest proportion of parents (52%) willing to send children overseas for post-graduate studies, while the proportion is 53% in Canada and 59% in the US.
The report, which surveyed 16 countries in March and April this year, underlined that higher costs of overseas education is one of the key barriers for Indian parents when it comes to sending children overseas for education. “But they are still willing to go the extra mile," it said.
At least 92% of Indian parents, who are open to the idea of an international university education, would consider paying more for it than they would to educate their children in India. While 59% of Indians would consider paying at least 25% more, 33% would not mind paying 50% more than what they can afford in India, to send children to a foreign university.
In China, nearly 70% of parents would not mind paying at least 50% more for foreign education; in Brazil it is 34% and in Hong Kong 62%, as per the survey. Interestingly, parents in some of the top education destinations too are keen to send their children abroad by paying more than what they would pay in their own country. In Singapore, 50% parents are ready to pay 50% more fee, in the US 33% and in UK 23% parents.
“Many parents recognise that it is more challenging than ever for the younger generation to compete in the job market and hence, they are willing to help children boost their opportunities for success by funding overseas education," said S. Ramakrishnan, head of retail banking and wealth management, HSBC India.
At any point of time, more than 200,000 Indians are pursuing education in foreign countries. Among countries for higher education, US continues to be a top destination. As per official data, during 2013-14, Indian students in US colleges and universities contributed $3.3 billion to the US economy.