Generational shift in international education, regional preferences evolve as Singapore gains popularity
The study, which surveyed more than 11,200 affluent adults across 11 global markets, reveals that while the US, UK and Australia remain popular study destinations today, 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.
Key findings highlight that:
- 51% of respondents either aspire to send their child overseas for study, or already have a child studying internationally.
- Nearly 70% of Gen Z parents and millennial parents would overlook a university’s ranking in favour of an institution closer to their home region, compared to Gen X (62%) and Boomers (55%).
- 82% of Millennials believe that an innovative education is important, compared to 68% of Boomers.
Singapore: A Rising Education Hub
Notably, the report has identified Singapore as a hotspot for international education, primarily due to its geographical proximity and high quality of education vis-à-vis emerging markets in the region:
- Singapore is emerging as a top destination for parents from emerging markets such as Mainland China, Malaysia, Indonesia, and India:
- Mainland China and India: Singapore is ranked as a top five destination
- Malaysia and Indonesia: Singapore named in the top three for preferred education destinations
- Singapore universities are ranked among the best-performing locations for academic reputation
- Singapore is relatively affordable compared to the traditionally popular education destinations, e.g., US, UK, and Australia
Commenting on the study, Ashmita Acharya, Head of Wealth and Personal Banking, HSBC Singapore, said: “Singapore's growing appeal as an education destination reflects a wider trend in international education, particularly amongst younger parents in Asia. With a unique combination of top-tier institutions, cultural familiarity, and geographical proximity, Singapore is becoming an attractive choice for families. At HSBC, we are continuously evolving our services to support these globally minded parents, providing tailored financial solutions to help them navigate the complexities of funding an international education, so they can stay focused on what really matters – their children's growth and success in an increasingly interconnected world."
Putting passion first
Younger generations prioritise institutions that align with their children’s passions. Globally, 78% of parents would choose a university that aligns with their child’s interests, with Millennials (83%) being 10% more likely than Boomers (73%) to make this choice.
Moreover, 81% of Millennial parents are 15% more likely than Boomers (66%) to 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 respondents globally also showed a preference for institutions with progressive, future-focused curricula; with 82 per cent of Millennials agreeing that an innovative education is important, compared to 68 per cent of Boomers.
75% of Millennials are likely to invest more in overseas education that offers travel opportunities, recognising its benefits for personal growth and development. This is notably higher than Gen X (66%) and Boomers (60%).
Despite these changing priorities, 66% of parents globally still believe that international education offers valuable global exposure, which can significantly enhance their children’s future opportunities.
About the survey
The study, conducted by Intuit Research (www.intuit-research.com), captures insights from 11,230 affluent adults aged 25 to 69, possessing investable assets ranging from USD 100,000 to USD 2 million. It was conducted in March 2024 through an online survey and covered 11 markets.
- Gen Z: Aged 25-27
- Millennials: Aged 28-43
- Gen X: Aged 44-59
- Boomers: Aged 60-69
The Quality of Life Report 2024 builds on the 2023 findings, examining changes to Quality of Life across different generations over the past year. It delves into investment behaviours and attitudes, legacy planning, international education for children, as well as retirement plans and health concerns.
HSBC support for international students and their parents
The HSBC suite of products and services, tailored for international customers including international students, enables customers to:
- Open a new account before they arrive in their destination, without visiting a branch.
- See all their HSBC accounts in one global view; and make fast and fee-free payments around the world.
- Support their children’s overseas living expenses through supplementary credit/ multi-currency debit card.
- Access financial planning tools and portfolio-based advice from experts in their new location.
- Manage their banking needs in different time zones with 24/7 support *.
- Access services with global partners beyond banking (tax solutions, relocation support, student accommodation partnership and exclusive offers).
- Make tuition payments directly to the university / school.
- Access education consultation partners, education events and seminars to help them plan for their child education roadmap.
- Take out StudySurance pre-departure to keep their belongings safe.
*Full 24-hour support and Chinese language support are available for HSBC Premier customers in Singapore.
HSBC’s global network, suite of resources and partnerships equip parents and students with the tools to navigate the changing world of international education. To find out more about HSBC’s services available for international students, please visit: www.internationalservices.hsbc.com/study-abroad/students/
Media enquiries:
Carina Koh carina.koh@hsbc.com.sg
Clarabelle Tan clarabelle.h.y.tan@hsbc.com.sg
Notes to editors:
- Methodology:
The research was conducted by Intuit Research (www.intuit-research.com), on behalf of HSBC from the 4th to 20th March 2024. A total of 11,230 affluent individuals with investable assets of USD 100,000 to 2 million were surveyed via online access panels.
- Respondent criteria:
- Aged 25-69
- Financial decision makers for themselves
- Have invested in financial products
- Respondent criteria:
Markets Surveyed: Singapore, Hong Kong, India, Indonesia, Mainland China, Malaysia, Mexico, Taiwan, United Arab Emirates, United Kingdom and the United States of America.
- Primary reasons for considering overseas education (by market)
Total HK SG US UK CN IN MY UAE MX TW ID Overseas exposure will increase my child's competitiveness 37% 44% 36% 35% 35% 24% 36% 35% 38% 39% 45% 32% Quality of education overseas is better 36% 33% 32% 30% 27% 30% 40% 40% 44% 37% 34% 42% Good for the area of specialization 33% 26% 39% 33% 34% 30% 38% 35% 36% 30% 33% 35% Encourage my child's independence 32% 34% 37% 41% 36% 35% 23% 28% 33% 27% 47% 40% Employment opportunities in the host market 28% 24% 22% 27% 28% 26% 31% 30% 26% 36% 26% 19% Due to child's strong academic performance 27% 22% 25% 27% 29% 26% 27% 24% 30% 31% 18% 33% Wish to develop international network 26% 27% 29% 33% 29% 32% 22% 25% 18% 16% 33% 31% Employment opportunities in home market 22% 19% 21% 19% 23% 23% 22% 22% 23% 30% 21% 21% Overseas Institutional prestige 22% 24% 21% 19% 23% 21% 22% 23% 20% 33% 14% 11% Received Financial support/ scholarship 21% 21% 20% 24% 20% 21% 24% 23% 18% 14% 15% 26% Route to emigration 15% 27% 16% 11% 16% 20% 14% 13% 13% 6% 13% 10% - Most difficult stages for parents when considering international education (by generation)
Overall Millennials (Age 28 – 43) Gen X (Age 44 – 59) Boomers (Age 60 – 69) Securing the funds before studies 44% 45% 44% 44% Looking for the right course and the university 41% 42% 41% 38% Preparing my child to meet the admission requirements for the desired university 41% 41% 42% 38% Arranging student visa, accommodation and travel 36% 33% 36% 39% Preparing for the transition 36% 39% 33% 37% Ensuring funds and other financial support while the child is studying overseas 34% 32% 36% 33% Ensuring my child is independent to manage living on his own 28% 29% 27% 26% Actual duration of the study as the child will be away 22% 22% 21% 25% Ensuring the child is mature enough to tackle difficulties living in a new market 18% 17% 19% 19%
Most difficult stage for parents (by concern)
Overall Millennials Gen X Boomers Financial related 65% 65% 66% 65% Child related 70% 70% 71% 67% - Attitudes and preferences towards international education (by generation)
Parents want a university where their child can explore their passion, is future focused, entrepreneurial and offers opportunities to travel.
| Factor | Total | Gen Z | Millennials | Gen X | Boomers |
|---|---|---|---|---|---|
| Likely to select a university if it offers my child the opportunity to pursue their passions | 78% | 81% | 83% | 77% | 73% |
| Likely to select a university with a more innovative/future focused curriculum | 76% | 77% | 82% | 76% | 68% |
| Likely to select a university if it offers my child the opportunity to pursue an entrepreneurial life path | 74% | 74% | 81% | 73% | 66% |
| Likely to pay more for an overseas education for my child if it provides them with opportunities to travel | 68% | 69% | 75% | 66% | 60% |
| Likely to send my child for an overseas education at an earlier stage, if it provides higher education and career prospects | 66% | 70% | 74% | 64% | 57% |
| Likely to compromise on a university’s ranking if it’s closer to my home region | 62% | 68% | 67% | 62% | 55% |
HSBC in Singapore
HSBC opened its doors in Singapore in 1877. Serving the international needs of individual, corporate and institutional clients, HSBC in Singapore offers a comprehensive range of banking and financial services including retail banking and wealth management; commercial, investment and private banking; insurance; forfaiting and trustee services; securities and capital markets services. HSBC was recognised by Euromoney as “Best International Bank in Singapore” in 2024.