HK parents top survey in wanting to send their children overseas to study

Hong Kong parents are the most likely in the Asia-Pacific region to want their children to go to a foreign university, but they may not have done their homework about the extra expense of getting a degree abroad.

Across the region, a survey found an average of 63 per cent of parents hoped their children would go to a local university, but the percentage in Hong Kong was just 45 per cent.

At the same time, the percentage of income Hongkongers put aside for their children's college education ranked halfway down the regional list, which included Australia, India, Japan and mainland China. They are saving an average of only 15 per cent of their monthly household income for their children's education, the same as mainland parents.

About 24 per cent of Hong Kong parents wanted their children to study in the United States and 21 per cent in Europe, while others had different regions in mind. That is despite Hong Kong universities ranking among the best in the world.

The figures came in a MasterCard survey of 6,904 parents, including 409 Hongkongers, who were interviewed between April and June.

"Local families choose to send their children abroad for tertiary education, perhaps due to the reputation associated with international universities and the added experience time abroad brings, which can enhance employment prospects," said Ling Hai, division president of Greater China, MasterCard Worldwide.