International study gaining popularity amongst affluent Singaporean parents: report

Australia is the top destination for international study amongst Singaporeans.

In Singapore, 36% of affluent parents have children who are studying or planning to study abroad, HSBC reported.

For Singaporeans, the top education destination is Australia, followed by the US, the UK, Europe, and China.

In terms of costs, Singaporeans expect the annual average cost of international university education to be $72,395.

For a three-year degree program, this would amount to 22% of their retirement savings, whilst a four-year program would cost 30% of their retirement savings.

In addition, 78% of Singaporean parents consider buying property in the host country where their children are studying.

Singapore is also emerging as a top destination for younger parents from Mainland China, India, Malaysia, and Taiwan.