How HSBC Premier’s international education support plan helps families overcome challenges when children study abroad
- Personalised banking and wealth management services, supplemented with comprehensive overseas education support, tailored to meet needs of families worldwide
- Bank provides suite of solutions for parents and children throughout their international education journeys, says Winnie Ng, HSBC’s head of Jade, Premier and International Propositions, Hong Kong
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Four out of 10 Hong Kong middle class families plan to send their children overseas to continue their education – citing reasons such as better education arrangements, the stressful Hong Kong curriculum and lower exchange rates – according to research carried out for the “HSBC Premier 2022 New Middle Class Study”.
The study of “middle class” Hong Kong people, or those with an average of HK$5.9 million (US$755,000) of liquid assets, published last November, found parents put aside at least HK$3.85 million for their children’s education in places including destinations such as the United Kingdom, Canada, Australia, New Zealand and the United States. HSBC Premier provides international banking support for overseas education in these foreign destinations.
Studying abroad offers children a range of different advantages – including gaining a wider international perspective, broader experience of different cultures and types of education, improved language skills and self-confidence and a greater sense of independence.
Such a change also throws up many challenges that families must overcome. HSBC Premier has drawn up a detailed international education support plan to ensure parents can carefully manage their finances and overcome any potential obstacles.