[Must-read for overseas study] One article to understand the popular countries for Hong Kong people to study, expenses and financial information

【Overseas Study/UK/USA/Canada/Australia/Finance Management】Parents naturally want their children to be well-trained, and many parents will arrange for their children to study abroad to lay a solid foundation for future development.

However, studying abroad is expensive, and parents need to plan ahead for a rainy day. How should they be deployed?

The following is a collection of the budget, academic system and university rankings of the four popular places for Hong Kong people to study in the United Kingdom, the United States, Australia and Canada.

Studying in the UK

The United Kingdom has always been a popular place for Hong Kong people to study abroad. Many universities are familiar to Hong Kong people and have social recognition.

According to the 2022 Times Higher Education Global University Rankings, the top five local universities are Oxford University, Cambridge University, Imperial College London, University College London and London School of Economics. Among them, Oxford University has been named the best university in the world. .

According to the British Council, undergraduate courses in local universities are mainly 3-year courses. Hong Kong students go to the UK to study after completing the diploma examination, graduating one year earlier than studying in Hong Kong universities.

In terms of expenses, according to the British Council, tuition fees are about HK$97,000 to HK$252,200 per year; accommodation and living expenses are about HK$93,120 to HK$151,320 per year, totaling about HK$190,120 to HK$403,520 per year.

The UK is a popular destination for Hong Kong people to study, and the best university in the world by Times Higher Education in 2022 is the University of Oxford.

Studying in the United States

There are many traditional American universities. According to the 2022 Times Higher Education Global University Rankings, 8 of the top 10 universities are American universities. The top five local universities are Caltech, Harvard University and Stanford University. , Massachusetts Institute of Technology and Princeton University.

According to the US government education information website Education USA, the undergraduate course in local universities lasts for 4 years and adopts a credit system. Students need to complete specified credits to graduate, including major subjects and various disciplines.

In terms of expenses, according to the American College Board, tuition fees are about HK$100,932 to HK$415,195 per year; accommodation and living expenses are about HK$150,072 to HK$224,016 per year, with a total of about HK$251,004 to HK$639,210 per year.

Study in Australia

Australia is another hotspot for overseas study in recent years. The Australian government education information website, Study Australia, pointed out that many local universities have Foundation courses. As long as students complete the courses and achieve the required grades, they can transition to the first year of university.

In terms of university quality, the top five universities in the Times Higher Education Global University Rankings are the University of Melbourne, the Australian National University, the University of Queensland, Monash University and the University of Sydney, all of which are ranked top 60. .

According to the Australian government's education information website Study Australia, the undergraduate course of the local university is 3 years, and the honors degree takes 4 years.

The tuition fee is about HK$109,600 to HK$246,600 per year; the accommodation and living expenses are about HK$115,305 per year, and the total amount is about HK$224,905 to HK$361,905 per year.

At present, many parents are deploying arrangements for their children to study abroad, hoping that they can broaden their horizons and lay a good foundation for future development.

Study in Canada

Canada is a hot spot for Hong Kong people to immigrate, so many parents choose to send their children to study there so that local relatives and friends can take care of them. In addition, the local room and board costs are generally cheaper than those in the UK, the US and Australia, which attracts many students to study there.

The Canadian government education information website EduCanada shows that the local undergraduate program is 3 years, and the honors degree takes 4 years.

In the "Times Higher Education" global university rankings, the University of Toronto is ranked 18th, followed by the University of British Columbia (UBC), McGill University, McMaster University and the University of Montreal.

According to Statistics Canada, tuition fees range from HK$141,546 to HK$399,018 per year.

In addition, accommodation and living expenses are about HK$54,000 to HK$108,000 per year, with a total of about HK$195,546 to HK$507,018 per year.

Reserve funds early and flexibly meet future needs

It is worth noting that there are many factors that affect the cost of studying abroad.

For example, whether the study location is in a big city with higher prices, whether the child will be enrolled in a subject with higher tuition fees, and even the exchange rate changes of different countries, etc., parents need to reserve flexibility when making financial arrangements in advance to meet different needs in the future.

There are many factors that affect the cost of studying abroad, such as the place of study, the subject of study, exchange rate changes in various countries, etc. Parents need to reserve flexibility when making financial arrangements in advance to meet different needs in the future.

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In particular, arranging children to study abroad involves huge expenses, and parents should make financial planning as soon as possible.

At present, some insurance companies have launched multi-currency savings insurance plans, which provide a variety of policy currency options, and allow future conversion to other currencies to flexibly meet future needs.

For example, the new mother Susan and her husband pay special attention to their daughter Tracy's growth plan. Although they have always wanted their daughter to enroll in a traditional British school, considering that Tracy needs time to explore the direction of development, they took out insurance when Tracy was one year old and offered 7 policy currency options. (including USD, HKD, RMB, CAD, AUD, GBP and SGD) and can allow the policy currency to be converted from the 3rd policy anniversary of the "Manulife Global Currency Protection Plan", first start building wealth with GBP as the policy currency .

If Tracy decides to study information technology in the United States at the age of 18, Susan can choose to exercise the "currency conversion option" to convert the policy currency from GBP to USD to support Tracy's further education needs.

Capital turnover is easier to seize different opportunities

Suppose that Tracy, who graduated in the United States, was influenced by the local innovation and technology culture and decided to start a business locally. Opening a store that combines environmental protection and technology requires huge capital.

As the strongest support for her children, Susan can choose to lock in part of the non-guaranteed terminal dividend (applicable from the 15th policy anniversary) or withdraw part of the policy value by reducing the notional amount as a turnover to help her daughter realize her entrepreneurial dream.

Wealth inheritance extends to the next generation

As Susan gets older, she chooses to change the policy's insured and policyholder to Tracy, passing the policy to Tracy.

In addition, Susan can also consider using the "Policy Splitting" value-added service provided by Manulife to split her policies according to a custom ratio, and change the insured and policyholder of one of the policies to Tracy, and the other A policy can be kept for yourself as a retirement reserve.

Article sources

UK: British Council (School duration, tuition fees and living expenses)

United States: Education USA (academic system), American College Board (tuition, living expenses)

Australia: Australian government education information website Study Australia (basic courses, academic structure, tuition fees and living expenses)

Canada: Canadian government education information website EduCanada (academic system), Statistics Canada (tuition fee), Education Bureau career planning information website (living cost)

Manulife Global Currency Protection Plan: Information provided by Manulife (website)

The information of the article is subject to the information on the above website on May 23, 2022

Article amount is calculated as 9.7 HKD to 1 GBP; 6 HKD to 1 CAD; 5.48 HKD to 1 AUD; 7.8 HKD to 1 USD, the figures are to one decimal place.

Exchange rate source: Yahoo Finance, May 11, 2022

Manulife provides the above information on the "Manulife Global Currency Protection Plan" for reference only.

Before making an application, you should refer to the relevant product information provided on the Manulife website to understand the nature, features, risks, exclusions and exact terms and conditions of the product, and to determine whether the above products can meet your needs and circumstances.