Hong Kong parents are increasingly choosing nearby universities in Asia over further abroad options, according to a recent HSBC report.
In a recent HSBC Global Quality of Life report, it was found that 64% of parents are now prioritizing universities closer to their home base in Hong Kong, with emerging destinations like Mainland China, Japan, and Malaysia gaining popularity. This trend reflects a growing desire among parents for easier access to their children while studying, with minimal time differences and shorter flights being key factors.
In particular, younger Gen Z and Millennial parents show a marked preference for institutions in or near their home region. Specifically, 72% of Gen Z parents and 66% of Millennials favor local universities, allowing for closer contact during their children’s educational journey.
There are currently around 35,000 Hong Kong students studying abroad, as Renee Yung, Head of Customer Propositions at HSBC, points out in the report. The majority of Hong Kong parents will pay for their children to study abroad, while parents who plan to send their children overseas for further studies can expect to spend HK$580,000 a year.
Interestingly, the HSBC report notes that younger Hong Kong parents are becoming more inclined to invest in their children's early education overseas, such as boarding schools. Meanwhile, 73% of Gen Z parents are ready to pay extra for universities that provide travel and exchange programs, reflecting a 14% rise from their Gen X counterparts.
Hong Kong parents are also increasingly prioritizing their children’s well-being while studying abroad, says the HSBC survey. 74% of parents favor universities that cater to their children’s needs and aspirations. Millennial parents are 8% more open to entrepreneurial-focused education in comparison to Baby Boomers.
However, many Hong Kong parents cited study abroad expenses as a major worry, including concerns about overseas banking services and the risk of financial scams, highlighting the critical need for financial planning in advance.
HSBC Premier offers a range of tailored services to support Hong Kong parents and their children as they navigate these educational choices. These supports include assistance with pre-departure international bank account opening, multi-currency HSBC Mastercard Debit Cards, educational programs designed for the next generation, and fee-free global transfer on mobile 24/7.
For more information about the services HSBC offers to international students, click here.
