HSBC (00005) has announced a partnership with the British Council to assist young people in exploring their potential through education and cultural exchange. The collaboration aims to facilitate student international exchanges and internships, broaden pathways to enhance English proficiency, and strengthen exposure to local arts and culture.
This partnership initiative’s key creative project is called SPARK, now entering its third year. The event, sponsored by HSBC, is set to take place in October this year and will explore ways to embody mental and physical health in daily life.
According to a survey conducted by HSBC on education, among wealthy parents in Hong Kong who are considering or already have children studying in the UK, over half opt to send their children for primary and secondary education in the UK, showing a 10% increase from last year. However, two-thirds of parents hope their children will have more opportunities to participate in extracurricular or experiential activities during their studies, with 40% expecting their children to broaden their horizons through cultural exchanges.
On average, parents expect to spend HK$370,000 on extracurricular activities for their children studying in the UK. Additionally, an extra HK$700,000 is expected to be set aside for pre-departure preparation, inflation, exchange rate fluctuations, and parental visits to see the students. It is also anticipated that inflation and appreciation of the pound will lead to an average annual increase of 10% in children’s education expenses over the next few years.
Winnie Yung, Managing Director of Client Planning for Wealth Management and Personal Banking at HSBC Hong Kong, stated that on average, parents are preparing HK$3.6 million for each child studying in the UK, with an average expected duration of 7.1 years to complete their studies. The expenses for tuition, living costs, and extracurricular activities come to HK$2.9 million. However, over 60% of respondents lack sufficient savings to fund their children’s overseas education, highlighting the importance for parents to prepare early for the cost of education.