HSBC has good news for teenagers who want to get far, far away from their parents.
A new survey published by the bank shows that 42% of parents would consider sending their kids abroad for college, up from 35% in 2016.
Interest in an international education — which can be very expensive — has increased in almost all of the 15 countries and territories included in the survey.
Parents in China, Hong Kong, India, Malaysia, Indonesia and the United Arab Emirates were the most enthusiastic, with a majority in each saying they would consider sending their kids abroad for college.
British, Australian and French parents were less keen, with only 17% to 22% expressing an interest in international study. The figure was 36% among American parents.
Parents said the U.S. was the most desirable place for their kids to study, followed by Australia and the U.K.
Some families could be in for major sticker shock — especially if they’ve set their sights on an American education.
HSBC said that international parents expect tuition at U.S. colleges to be $11,000 a year or less. In reality, the tuition costs are closer to $33,000 a year.
The bank said that total costs over four years, including living expenses, average more than $180,000 at major U.S. universities.
International students typically pay full tuition at American universities.
Here are a few more key numbers from the study:
– 60% of parents said they’d be open to having their child complete a degree that is either completely or partly online.
– 68% of parents said they are confident their kid will get a great job, with Indians being the most optimistic at 85%. That number drops to only 36% among parents in France.
– 93% of Chinese parents said they have paid for private tuition or tutoring, the highest of any country. Only 23% of British parents said they’ve done the same.
The HSBC report surveyed nearly 8,500 parents in 15 countries and territories.