Australian universities most expensive in world

Sydney University in Australia, the most expensive place for an international education Photo: Merry Jack

Education has never been more expensive, or more highly valued. Regardless of the cost, though, parents are still keen to make sure their children have the best possible teaching: 74 per cent of them around the world would consider sending their child abroad for a better university education, according to a new report from HSBC.

Where is best? 51 per cent of respondents to the lender's survey rank the USA in their top three for countries that provide the highest quality of education, while 38 per cent rated the UK in their top three.

The cost of a western education, though, is the real dividing line between these countries and the rest of the world, though, says HSBC. The average cost of a university undergraduate education for an international student in the USA is over USD36,000 a year, while annual UK costs including university fees and living costs are in excess of USD35,000.

At USD42,000 a year, though, Australia – a hugely popular destination for Asian students – is the most expensive option.

Some 89 per cent of parents across 15 countries said that they wanted their children to go to university, but, unsurprisingly, more than half (51 per cent) wished they had started saving earlier for their child’s education.

Simon Williams, Group Head of Wealth Management, HSBC, comments: "The key reasons to send children overseas are the acquisition of foreign languages, international experience, and independence. An 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."