According to the latest report of HSBC, “The Value of Education: Springboard for Success”, education has never been more expensive, or more highly valued.

According to the report, nearly three quarters (74%) of parents around the world would consider sending their child abroad for a better university education. Half of parents (51%) globally rank the U.S. in their top three of countries providing the highest quality of education.

The average cost of a university undergraduate education for an international student in the U.S. is over USD 36.000 a year. At USD 42.000 a year, Australia – a hugely popular destination for Asian students – is the most expensive option. Countries with second and third places of the most expensive education are Singapore (USD 39.000) and the U.S. (USD 36.000).

The report, which surveyed over 4,500 parents in 15 countries, suggests that parents recognize the value of good education, but too many are still financially underprepared. Some 89% of parents across 15 countries said they wanted their children to go to university, but more than half (51%) wished they had started saving earlier for their child’s education.

According to Chief Executive Officer of HSBC Bank Armenia CJSC Thies Clemenz, the key reasons to send children overseas are the acquisition of foreign languages, international experience and independence.

“International education brings an extra dimension of complexity to planning, particularly financial planning. The majority of overseas education is privately funded by parents, but while the concept of a college fund is well established in the United States, it is still the exception elsewhere. The prospect of educating children, especially if parents choose overseas education, can seem daunting, but with proper planning and an astute investment plan, most of the financial uncertainties can be eliminated”, Thies Clemenz commented.