Gen Z on a quest for individualism says Western Union study

In a recent study, over half (45%) of students said they were motivated to look into international learning possibilities by a desire for “self-dependence” and the chance to “live life on their own terms.”

A study done by Western Union, a global leader in cross-border, cross-currency money movement and payments, was released recently to understand better the collective journey Indian families take as they work toward their children’s international education and a global future.

The report named “Education Overseas – An Evolving Journey’, a new multi-generational study by Western Union and conducted by NielsenIQ, revealed that students who are considering studying abroad would have a better understanding of the factors that influence their decisions.

What are the key findings?

The top four countries for study abroad students are still the United States, United Kingdom, Canada, and Australia. Still, students are increasingly choosing newer countries such as Germany and Italy over more established ones like Ireland and Turkey. Students are also increasingly choosing Russia and China over countries like the United States and the United Kingdom.

According to MEA data obtained as of January 2021, more than 10.9 lakh Indian students were studying in 85 countries worldwide.

There is currently a sizable Indian student community in countries like China (29,600 students), Germany, and France (10,000 students).

It was also surprised to see that students planning to study abroad increasingly favour specialised courses (52%), over the reputation of a university, in their decision-making. Often, they explore beyond Ivy League universities, which do not provide these courses, to find courses that are more specialised yet are growing in importance.

There was a lot of anxiety among parents regarding student loan repayment because of the market’s erratic nature. Several students and parents mentioned money as a decisive factor in the process, particularly budgeting and financial planning.

More than half of those who chose to pursue a higher degree overseas cited financial concerns as the most crucial consideration. Due to the high expenditures of studying overseas, many students decided to take shorter courses (47% preferred them), which was reflected in their choice.

“We want to be a part of every young Indian student’s journey as they explore global learning opportunities in a ‘borderless’ world,” said Sohini Rajola, Head of the Middle East and the Asia Pacific, Western Union. “As a trusted brand, enabling movement of money for a better world with our inbound and outbound cross-border money transfer capabilities, we undertook this research to understand students’ goals and aspirations better as they navigate this journey with their families.”