Western Union releases study on 'Education Overseas - An evolving journey'

Hyderabad Western Union, a cross-currency money movement and payments firm, released a new multi-generational study on 'Education Overseas – An evolving journey', to understand the collective journey Indian families go through as they strive towards their child's international education and a global future.

The study, commissioned by Western Union to Nielsen IQ, provides a 360-degree perspective on the rapidly changing landscape, evolving priorities, key barriers and emerging trends that impact the decision-making process of students planning to study abroad.

The findings highlight a considerable shift in perspective of how students and parents are now viewing options for education abroad. Per data available from the Ministry of External Affairs (MEA), students from over 70,000 families went abroad to study in the first two months of 2021, undeterred by the pandemic. A majority of the students cited overall personal development as the most significant driver triggering their decision to study abroad, a belief that being in a foreign country empowers them to be independent and provides a sense of freedom.

This was followed closely by 'cultural exploration' and 'international exposure' driving their decision-making process. On the other hand, 'access to increased job opportunities' and 'quality of life post global education', which have been the cited reasons until very recently, are now falling off the priority list or much lower in the consideration set.

Sohini Rajola, Head of Middle East and Asia Pacific, Western Union, said: "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 better understand students' goals and aspirations as they navigate this journey with their families."