Half of students are considering studying abroad – due to ‘extortionate’ UK tuition fees, research has revealed.
A study of 750 students aged 16 and over found seven in 10 think the cost of higher education at home is ‘too high.’
And three in five are concerned Brexit could increase the cost of UK tuition fees even more.
Amid this, the poll commissioned by foreign exchange specialists, Caxton, found four in 10 believe studying overseas is likely to lead to a higher paid job upon graduation.
In comparison, just 14 per cent are confident studying in the UK would set them up for financial success in the future.
Edward Gott, head of premier clients at Caxton, said: “It’s clear that an education overseas can offer a wealth of benefits, bringing financial rewards as well as opportunities for significant cultural enrichment.
“Although it might at first appear a daunting investment proposition, Brits can in fact save thousands of pounds by looking overseas to further their studies and reap the rewards as a result.”
The research found the USA is the most popular choice for those who would like to study abroad, followed by Spain and Germany.
But exchange rates would play a part in deciding which country to study in for 54 per cent, with one fifth more inclined to move abroad if foreign exchange rates were more beneficial towards the pound.
Researchers also polled 1,000 parents and found more than half would support their children should they decide to study abroad.
Almost half believe it would enable their kids to have ‘new and exciting experiences’, while 45 per cent think it would provide them with important life skills.
Despite this, 44 per cent of mums and dads admit they would be worried about financing their child’s studies overseas.
But should they decide to pursue further education abroad, parents would most like to see their kids head to the USA.
Edward Gott added: “We’re working closely with a number of our Premier clients who fund children at overseas universities, as well as retired or mature students looking to study abroad.
“Living in a foreign country presents a number of challenges – from making regular payments for tuition fees and living costs, to working out a savings plan and managing unexpected currency fluctuations.
“All clients like to budget and manage costs and we take time to understand their needs, hedge their specific currency exposure and set up the transfer of funds to work like clockwork.
“It takes the headache away and allows them to focus on the fun stuff.”