Gulf News Edufair 2024: Only 1 in 2 parents have a financial plan for children’s higher education
Holistic financial planning is a must for university education, says HSBC's Neha Ghai
Only one in two affluent parents have a financial plan to fund their children’s higher education, said Neha Ghai, Head of NRI – MENA Region at HSBC, during a fireside chat on the second day of the October edition of Gulf News Edufair. Citing the HSBC Quality of Life Report, which surveyed 11,230 affluent people across 11 markets including the UAE, she said that a third of parents in Asia and a quarter in non-Asia markets expected their children to take an education loan while two-fifths were hopeful of scholarships.
With international education taking up 20-60 per cent of people’s retirement savings, comprehensive financial planning around five core pillars such as education fund planning, healthcare protection, wealth accumulation, retirement planning and legacy planning is essential to ensure long-term financial security, said Ghai.
“We all intuitively understand that planning is essential for achieving our goals,” she said. “However, as our circumstances grow more complex, the planning process can become increasingly challenging.”
She advised parents to secure education funds before children start their studies abroad and ensure financial support while they study overseas.
When looking at funding options, Ghai said Asian parents in particular sought much more than simplified banking solutions. “They look for comprehensive support in overseas education planning, relocation and accommodation assistance, and advice on wellbeing and employment opportunities.”
HSBC’s global network of education partners and worldwide Premier benefits can help students make the most of studying abroad.
“The suite of HSBC International products and services enables customers to open a new account before they arrive at their destination and see all their accounts in one global view,” she said. “Customers can use their credit history from their home country to apply for a credit card in their new country and make simple, fast and competitively priced payments via Global Money Transfers.”
Customers can also get priority Oxbridge admissions review as well as a 15 per cent discount on tuition fees with an HSBC credit card. Preferential 1-1 consultancy services such as mock interviews and preparation of CVs and university applications are available too. Customers are eligible for a free evaluation with Crimson Education, in addition to a 10 per cent off on consulting and tutoring services.