British students seduced by financial and cultural rewards of studying overseas

British students and parents are losing faith with UK universities and are increasingly looking abroad to benefit from better financial and cultural rewards, new research from foreign exchange specialist Caxton reveals.

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  • Almost half (44%) of students believe that they are more likely to get a higher paid job if they study abroad
  • Only 14% are confident that studying in the UK sets them up for financial success
  • 70% believe that UK tuition fees are too high in the UK
  • 54% state that the exchange rate would be a deciding factor when moving abroad to study

British students and parents are losing faith with UK universities and are increasingly looking abroad to benefit from better financial and cultural rewards, new research from foreign exchange specialist Caxton reveals.

Marking the launch of the new Caxton Premier account management service from Caxton, the study explores shifting attitudes towards an overseas education, in light of spiralling UK tuition fees (which 70% of students believe are too high) and concerns around the potential impact of Brexit on such a move (62%).

Just 14% believe that studying at university in the UK sets them up for financial success, whilst almost half (44%) agree that they are more likely to get a higher paid job if they study abroad. As a result, the majority of UK students (57%) are likely to take a year out or live abroad in the future for greater financial and cultural rewards.

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This sentiment is also shared by parents who are quick to recognise the educational value of spending time abroad. Of those surveyed, over half (54%) would advocate further education overseas or a year abroad for their child in order to broaden their horizons, allow them to have new and exciting experiences (47%) and enable them to learn new life skills (45%).

Both students and parents were polled on their preferred destination for an overseas education, revealing that USA is the most popular educational hotspot –

Students[1] Parents[2]
  1. United States of America (22.2%)
  1. United States of America (21.2%)
  1. Spain (10.5%)
  1. France (7.2%)
  1. Germany (8.4%)
  1. Spain (6.6%)
  1. Italy (6.8%)
  1. Germany (5.6%)
  1. France (6.2%)
  1. Canada (5.3%)
  1. Australia (5.9%)
  1. Australia (3.9%)
  1. Canada (4.9%)
  1. Netherlands (3.8%)
  1. Japan (4.9%)
  1. Switzerland (3.4%)
  1. Netherlands (4.3%)
  1. Japan (3%)
  1. China (2.4%)
  1. Italy (2.8%)

 

When it comes to making a move abroad to continue their education, over half of students agree that the exchange rate would be a deciding factor in where they choose to study (54%) and almost a quarter (20%) would be more inclined to move abroad if exchange rates were more beneficial. This is where Caxton’s foreign exchange expertise can help. By managing client’s overseas currency transfers and securing the best rates, its newest offering Caxton Premier can save customers thousands of pounds per annum, taking the pain out of payments and enabling students to make the most of their time and money.

Whilst an education abroad offers a wealth of benefits, parents are concerned by the potential expense of financing their child’s studies (44%). However, whilst any large expenditure should never be approached lightly, Caxton’s recent report The True Cost of Studying Abroad revealed that savings of around £15,000 per year could be made by choosing an overseas education – nearly two year’s tuition fees in the UK[3].

Edward Gott, Head of Premier Clients at Caxton, said, “It’s clear that an education overseas can offer a wealth of benefits, bringing financial rewards as well as opportunities for significant cultural enrichment. Although it might at first appear a daunting investment proposition, Brits can in fact save thousands of pounds by looking overseas to further their studies and reap the rewards as a result.

“We’re working closely with a number of our Premier clients who fund children at overseas universities, as well as retired or mature students looking to study abroad. Living in a foreign country presents a number of challenges – from making regular payments for tuition fees and living costs, to working out a savings plan and managing unexpected currency fluctuations.

“All clients like to budget and manage costs and we take time to understand their needs, hedge their specific currency exposure and set up the transfer of funds to work like clockwork. It takes the headache away and allows them to focus on the fun stuff.”

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