A new report from HSBC reveals a growing generational divide in attitudes towards international education, with younger generations increasingly prioritising innovative education and proximity to home over traditional overseas study destinations.
The HSBC Quality of Life report surveyed more than 11,200 affluent adults in 11 markets worldwide. It found that while the US, UK, and Australia remain popular choices for international education, younger generations of parents, such as Millennials and Gen Z, are more inclined to seek universities closer to home. This marks a significant shift from the older generation, where Boomers have typically favoured long-established global educational institutions.
Changing Preferences Across Generations
Among the key findings, 51% of all respondents expressed a desire to send their children abroad for education, or had already done so. However, a striking generational difference emerged. While over two-thirds of Millennials (67%) and Gen Z (68%) parents prefer their children to study closer to home, only around half of Baby Boomers share this view. Moreover, younger generations are placing a greater emphasis on the importance of innovation in education. An overwhelming 82% of Millennials and 77% of Gen Z respondents agreed that an innovative, future-focused curriculum was critical, in contrast to just 30% of Boomers.
Katie Wilkins, Global Head of International Propositions at HSBC, commented on the findings: “We’re seeing a shift in attitudes towards international education among younger generations of parents, who are now balancing their child’s educational opportunities with the desire for proximity to home and global aspirations. This differs from older generations who have tended to look towards traditional destinations.”
The report also highlights a growing openness to emerging international education hubs. Mainland China, for instance, is becoming increasingly popular with younger Singaporean parents, while Singapore itself is attracting parents from Mainland China, India, Malaysia, and Taiwan. Continental Europe, meanwhile, is gaining traction as the top region for British parents, and Canada is drawing more interest from parents in the United States.
Prioritising Passion and Well-Being
HSBC’s research revealed that for many parents, their child’s passion and well-being play a key role in their educational choices. Most parents (78%) would prioritise universities that allow their child to pursue their interests. Millennials, in particular, are keen to ensure their children’s passions are nurtured, with 83% of Millennial parents prioritising this aspect, compared to 73% of Boomers.
The survey also showed that younger generations are more supportive of non-traditional educational paths. Around 81% of Millennial parents would choose an option that allows their child to explore entrepreneurship, if it enhanced their overall well-being while studying abroad. This compares to just 66% of Boomer parents.
New Avenues in International Education
The report comes at a time of significant change in the international education landscape, as digital transformation and satellite campuses provide more options for students. Many families are now exploring online learning opportunities that allow students to remain closer to home while still accessing international education.
Dr Wanying Zhou, a research fellow specialising in adolescence well-being and international education at the University of Oxford’s Wellbeing Research Centre, reflected on the findings: “HSBC’s report highlights how the international education sector is undergoing rapid change and diversification. Families are increasingly considering options such as satellite campuses and online learning as alternatives to traditional study abroad programmes. While international education offers numerous rewards, it also presents challenges that families must be prepared to face.”
Global Network and Support
As the demand for international education continues to grow, HSBC remains committed to providing support for parents and students. The bank’s global network, resources, and partnerships are designed to help families navigate the complexities of international education, ensuring they are equipped to make informed decisions.
The generational divide highlighted by this report underscores the evolving priorities of parents when it comes to their children’s education. As international education options expand and diversify, younger generations are reshaping what it means to pursue education abroad, placing greater emphasis on proximity, innovation, and the well-being of their children.Find out more about HSBC’s services available for international students by visiting this site.