While Indian students have traditionally chosen to study in the United States, the United Kingdom, Canada, and Australia—which continue to remain the top four destinations—they are increasingly selecting emerging options such as Germany, Italy, Ireland, Turkey, Russia, and China.
Students in India have been lured to the prospect of overseas education for more than a century for a variety of reasons, including the potential to learn from foreign cultures, acquire a high-quality education, gain worldwide exposure, and increase employability. What’s shifting now is the financial means of the students and families who have access to this alternative.
Whereas a wider range of Indian families was sending their children abroad to school, the Covid-19 pandemic has led Gen Z on a unique drive for individualism. Students’ and parents’ perceptions of their possibilities for international education have shifted significantly, with societal expectations and cultural issues influencing their decision-making process.
Western Union commissioned Nielsen Inc to conduct research into the journey Indian families take together in pursuit of international education and a global future for their children in order to better understand these unprecedented trends and gain insights into how we can best help families take advantage of this opportunity.
One interesting finding is that approximately half of participating students (45%) prioritize self-reliance’ and the ability to ‘live life on their own terms as important motives for exploring overseas learning possibilities. Students from more than 70,000 families went overseas to study in the first two months of 2021, according to data from the Ministry of External Affairs (MEA).
Personal growth was highlighted by the majority of students in Nielsen’s survey as the most important factor in their decision to study abroad. They consider that being in a foreign nation gives them the freedom to exercise their individuality and live their lives on their own terms. The motivations of their decision-making process were then ‘cultural curiosity and ‘international exposure.’
‘Access to greater work chances’ and ‘quality of life post-global education,’ on the other hand, which were once more common arguments, are now far lower down the evaluation list, if not completely absent. While Indian students have traditionally chosen to study in the United States, the United Kingdom, Canada, and Australia—which remain the top four destinations—they are increasingly selecting emerging options such as Germany, Italy, Ireland, Turkey, Russia, and China.
Furthermore, when making a decision, students now favour specialized courses (52 per cent) over the prestige of a university. Qualifying examinations remain a significant hurdle for students (64 per cent), causing many to choose to study in countries/universities that do not require admission exams or English proficiency tests. Both kids and parents frequently express money-related issues, notably budgeting and financial planning.
Although India is widely regarded as the world’s leading recipient of remittances, citizens and residents are progressively transferring money across borders as they integrate into the global economy by seeking overseas education, medicine, travel, and other services.
Overseas remittances are expected to reach $12.7 billion in FY21, although outward remittances by resident Indians increased by 39% in July 2021 compared to October 2020, with a substantial increase in outflows for educational purposes. Even when money isn’t an issue, Nielsen’s findings highlight how important it is for families to keep their children financially supported and linked at all times.
Western Union has been active in India since 1993 and has built one of the largest money-transfer networks in the country, spanning both the first and final mile.
One evidence of India’s economic development is the increase of students studying abroad for personal reasons and self-determination rather than simply to earn money to support their families at home. More and more of our youngsters are benefiting from the personal growth and empowerment that comes with studying abroad.
Another evidence of India’s economic development is the increase of students studying abroad for personal reasons and self-determination rather than simply to earn money to support their families at home. More and more of our youngsters are benefiting from the personal growth and empowerment that comes with studying abroad.
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