US, UK, Australia emerge as prime education destinations preferred by Indian parents: Report

Indian parents are inclined to send their children abroad for higher studies and subsequently for better job opportunities

More and more Indian parents are seeking to send their children overseas to gain a better education. According to an industry report, almost 44% of Indian parents see value in sending their children abroad and are working towards it. They feel it will give them better opportunities to build the life they desire. 

Research by HSBC revealed that Indian parents and students considering tertiary education abroad regard the US as their top education destination. About 52% of Indian parents prefer the US, followed by Australia (46%), and the UK (44%).

Related: You child's foreign education: Can you afford it?

“There’s a clear tendency of parents in India to send their children overseas, whether it is to gain international work experience or improve language skills, in countries such as the UK, the US, and Australia,” said S Ramakrishnan, Head - Retail Banking and Wealth Management, HSBC India.

Other than the big three mentioned above, other popular education destinations for Indian parents include Canada, Germany, Singapore, New Zealand, Japan, Austria, and Switzerland.

Related: How to plan for your child's education expenses 

Cost is the biggest issue

While there is a strong desire to send their children abroad to study, the high cost of education in these top education destinations is a cause of worry. The research showed that 42% of parents felt the biggest concern about international education is meeting the high cost. 

While this is understandable in a country like India – largely because of the strength of the dollar against the rupee – the survey revealed an interesting facet. It found that parents in the wealthiest countries in the world such as the UK (63%), the US (65%), and Australia (64%) also see the cost of higher education as a challenge.

Related: Understanding how student travel insurance works  

The HSBC survey was conducted among parents and students in 15 countries and territories such as Australia, Canada, mainland China, France, Hong Kong, India, Indonesia, Malaysia, Mexico, Singapore, Taiwan, Turkey, the UAE, the UK, and the US. It represents the view of 10,478 parents and 1507 students.

It's never too early or too late to start planning for your child's education expenses. This child's education cost calculator will help you to know how much your child's education will cost. Based on this, you come up with a sound education plan and subsequent investment plan.