The Value of Education
Foundations for the Future
For most parents with children or those who are planning for young ones, funding their education will be one of the biggest financial commitments of their lives. Education helps to build successful futures and it is important that our children make the most of the opportunities available to them.
The third report in The Value of Education series, Foundations for the Future, a global consumer research study commissioned by HSBC continues to examine local and global attitudes of parents towards funding education, as well as their hopes and ambitions for their children. At HSBC, we hope that sharing such insights will help you plan ahead so that your children can fulfill their potential and ensure their ambitions turn into reality.
Unsurprisingly, 100% of parents in the study would consider a university education for their children. Survey also shows that undergraduate studies and postgraduate studies as plans for the future didn't fall far behind.
While many parents may find paying for their children's education challenging with 68% saying that paying for their children's education makes it more difficult to keep up with other financial commitments, it continues to take priority over other financial responsibilities. Many Malaysian parents who responded to the study said education is the least likely area they would sacrifice if they had to cut back on their expenses.
Of the parents surveyed:
To ensure that they can fund their children's education, most parents start planning early.
When do parents consider university education for their children and start making financial decisions?
How do parents fund their children's education?
Do parents consider university or college education critical to their children's future success?
In spite of cost barriers, how many parents would still consider a university education abroad or other international experiences for their children?
Would parents consider experiences abroad for their children including work placements and study abroad programmes?
According to HSBC's The Value of Education: Springboard for Success survey published in 2014, parents globally considered the USA, UK and Germany as the top three countries that offer the highest quality of education, while parents in Malaysia ranked the UK as the country that offers the highest quality of education.
Whatever your plans are for your children, it is important to plan early to make sure you are well placed to support your children's educational journey without compromising any of your own long-term financial goals.
HSBC can assist to help you to plan and put practical measures in place to ensure your children have a prosperous future. In addition, we can also assist you so that you can ensure that your children's financial needs are looked after when they are studying abroad via HSBC Premier.
As one of the largest banking and financial organizations in the world with an international network, HSBC is equipped to assist in the financial needs of your children's studies abroad.
assist with your financial needs
Our Relationship Managers at HSBC Premier can set up all necessary banking facilities in the destination country, without you ever needing to leave the country. In particular, if your children are getting ready to continue their education in the UK this September, we can assist to set up all the required banking facilities before they leave.
Get your children's overseas bank account ready before arrival* so they can concentrate on settling in and getting accustomed to their new environment.
Enjoy preferential rates when purchasing Foreign Currency for their fees, living expenses, etc.
Transfer funds online for free via Global View and Global Transfer.
Convenient 24/7 access to cash via HSBC's global network of ATMs.
HSBC Premier status recognition in all countries where you bank with HSBC.
Your children can access our international assistance and rescue if they lose their wallet or handbag by calling our Premier Emergency Hotline (+1-908-7736437) available 24 hours, 7 days a week to immediately block ATM and credit cards. They can also obtain a cash advance of up to USD2,000 on the spot at HSBC branches to ease emergency situations.
You have the option of extending an HSBC Premier Supplementary Card to your children before they travel. This way, your children can enjoy added peace of mind with an HSBC Premier World MasterCard credit card.
Travel insurance for lost luggage, missed connection flights or injury.
Supplementary card is FREE for life.
Pre-set a credit limit on the supplementary card and track their spending.
All you need to do is apply for an HSBC Premier account for your children in Malaysia and they can apply for a UK HSBC Premier account at HSBC Bank Malaysia. Your children will receive their banking essentials (i.e. account number abroad, ATM cards and internet banking) in Malaysia before departing.
- HSBC Premier in Malaysia
- Latest documentation on sources of wealth and income may be required
- Must be 18 years old and above
- Must present original Malaysian passport
- Must present letter of offer from the university or collegein UK
- Must present proof of address in Malaysia
Call 1 300 88 9393 or your Relationship Manager.