Global Study Examines Parent Attitudes Toward Funding Education

on July 1, 2016

HSBC’s Value of Education report surveyed 6,241 parents in 15 countries concerning their attitudes toward funding their children’s college education. Key findings included:

  • 60 percent of U.S. parents are willing to borrow to pay for their children’s college education. That compares with 81 percent of parents in China, 74 percent of parents in Mexico, and 71 percent of parents in India.
  • 65 percent of U.S. parents have saved for their children’s college education, below the worldwide average (67 percent). That compares with 90 percent of parents in Indonesia, 87 percent of parents in India, 86 percent of parents in Singapore, 85 percent of parents in Malaysia, 80 percent of parents in China, 78 percent of parents in Hong Kong and Taiwan, and 72 percent of parents in Canada.
  • 37 percent of U.S. parents say that paying for their children’s college education is more important than the parents’ retirement savings.
  • U.S. parents pay $14,678, on average, to send their children to college. This is double the world average ($7,631), but less than parents pay in the U.A.E. ($18,360), Hong Kong ($16,182) and Singapore ($15,623).
  • 72 percent of U.S. parents said they have a preferred occupation for their child, with 38 percent basing it on earning potential and 37 percent on the child’s preference. The most popular occupations are medicine (14 percent), engineering (14 percent), computer science (10 percent), finance (5 percent) and science (5 percent).
  • 29 percent of U.S. parents would consider sending their child to college outside the U.S., below the worldwide average (35 percent). This compares with 60 percent of parents in Indonesia, 58 percent of parents in UAE, 54 percent of parents in Hong Kong, 47 percent of parents in India, 44 percent of parents in China, 43 percent of parents in Singapore and Malaysia, 38 percent of parents in Taiwan and 31 percent of parents in Mexico.

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