Indian Students' Evolving Preferences for Global Education: A Western Union Study Overview

Global Education Journey: A Contemporary Perspective

Western Union has conducted a comprehensive study titled 'Education Overseas – An Evolving Journey' to explore the collective journey of Indian families as they pursue international education opportunities for their children and m toward a global future. This study, commissioned by Western Union in collaboration with NielsenIQ, provides an all-encompassing view on the rapidly evolving landscape, changing priorities, significant barriers, and emerging trs that influence decision-making processes when choosing to study abroad.

The findings of this research shed light on substantial shifts in the perspectives held by students and parents regarding overseas education options. A majority of student respondents indicated personal development as the primary motivator for studying abroad, believing it empowers them with indepence and instills a sense of freedom. Cultural exploration and international exposure were closely followed as other key factors driving their decisions.

Surprisingly, access to increased job opportunities and quality of life post-education are now less prominent in students' considerations than they once were. This suggests that the priorities for Indian youth aspiring to study overseas have evolved significantly over time.

Trs within this study highlight:

1. Self-reliance and freedom: Approximately half 45 of student respondents prioritize self-depence as a key motivator, alongside opportunities to lead their own lives indepently.

2. Innovative destinations: One-fifth 22 of students now favor unconventional countries like Ireland, Turkey, and Spn for educational pursuits that were less popular in the past.

3. Specialized courses over university prestige: 52 of students inting to study abroad place a higher value on specialized courses such as Data Analytics, , Digital Marketing, Cybersecurity, Ethical Hacking, and Ecotechnology compared to traditional university programs.

4. Hybrid learning acceptance: A significant portion 46 prefers hybriddue to the pandemic, indicating that this format is now widely accepted among students considering overseas education.

5. Cultural exploration over career prospects: Students are increasingly prioritizing travel opportunities and cultural experiences 43 over job opportunities and academic quality.

6. Diverse country preferences: In addition to traditional favorites like the U.S., UK, Canada, and Australia, newer destinations such as Germany, Italy, Ireland, Turkey, Russia, and China have seen a notable rise in student interest. As of January 2021, more than 10.9 lakh Indian students were studying across 85 countries globally.

7. Course specialization over university reputation: Students now often prioritize specialized courses over the prestige of universities when deciding on an overseas program.

The research also revealed that financial considerations play a crucial role in decision-making:

• Qualifying exams and related costs are significant barriers 64 for students, leading them to choose countries or institutions without such requirements.

• Money management concerns, particularly budgeting and planning, emerged as key challenges expressed by both students and parents.

An overwhelming majority of students surveyed 75 sought scholarships when selecting their courses due to high tuition fees.

Western Union is committed to being a part of every young Indian student's journey in exploring global education opportunities. As a trusted brand facilitating seamless cross-border financial transactions, Western Union provide better understanding on students' goals and aspirations through this research, especially as they navigate this evolving landscape with their families.

Western Union’s Involvement in the Global Education Space:

With operations dating back to 1993 in India, Western Union boasts a substantial network spanning more than 200 countries and territories across over 130 currencies. Its platform ensures smooth cross-border financial flows. In collaboration with YES BANK, Western Union plans to offer outbound remittance services via WU.com, expanding convenience for those sing money outside India to major regions of the world including North America, Europe, parts of Latin America, the Middle East, and Asia Pacific.

Acknowledgment: The figures provided are as of January 2021 and sourced from the Ministry of External Affrs MEA
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