August 30, 2012
Four out of 10 Respondents in Mainland China Plan to Return to College
Beijing, 30 August 2012 – Half of the Mainland Chinese respondents surveyed by MasterCard plan on enrolling in an educational program in the next 12 months, and most of them full-time, according to the latest MasterCard survey on Consumer Purchasing Priorities – Education. Of those, 43% aim to undertake vocational courses, while another 37% plan on furthering their education, and the remaining said they would like to take a hobby-related or self-improvement course. Interestingly, Mainland China (18%) was the only region in Greater China that demonstrated an increase in the number of respondents intending to embark on educational courses compared to the previous year, with Taiwan and Hong Kong down 4% and 7% respectively.
Across Greater China, Mainland China (43%) saw the highest proportion of respondents planning to take professional or vocational courses, with Taiwan (36%) and Hong Kong (33%) trailing close behind. Meanwhile, almost half of Taiwanese respondents (45%) prefer to pursue courses related to their hobbies or interests.
|Mainland China||Hong Kong||Taiwan|
|To further my education||37%||47%||19%|
|Related to the profession I would like to be in||43%||33%||36%|
|Hobby related/ self-improvement||20%||19%||45%|
Four out of 10 respondents in Mainland China plan to return to college. Of those, almost half are keen to study abroad, with the majority of respondents citing international outlook (55%) as the reason they prefer studying abroad, while 23% believe they will receive a better education overseas and 10% said they wanted to study overseas for a chance to experience a different culture.
Most of those pursuing higher education (90%) said they would finance it themselves. A small minority of students plan to use bank loans (18%), while 14% of respondents will receive funding from their parents. Consequently, the survey recorded a notable increase (from 46% last year to 67%) in the number of overseas students choosing credit cards as the preferred payment method for tuition fees.
Three out of four Mainland Chinese parents said they save regularly for their children’s education, with those responding in the affirmative reporting that they save an average of 13% of their income. The majority of Mainland Chinese parents (72%) spend between six and 30 percent of their income on their children’s education.
While four out of 10 Mainland Chinese parents opt for universities in China, a significant proportion hope that their children can study abroad, favouring either the United States (38%) or Europe (35%).
|Location||H1 2012||H1 2011|
|Overseas in Asia||18%||4%|
Over 80% of Mainland Chinese parents enrolled their children in extracurricular activities, with a significant proportion selecting foreign language classes (46%), music (42%) or sports (39%) courses. This is a far cry from a year ago, when just over half of the parents surveyed involved their children in extracurricular classes.
“Chinese parents and their children continue to exhibit an insatiable thirst for knowledge, as indicated by more than four out of 10 respondents across Mainland China planning to enroll in educational programs for either personal or professional reasons,” said Ling Hai, Division President, Greater China, MasterCard Worldwide. “To this end, MasterCard has recently established a strategic collaboration with the China Europe International Business School (CEIBS), which will serve to develop more talent, inspire and encourage students to contribute to the further development of the Chinese economy.”
The latest survey, which was conducted from the end of April to early June, 2012, involved 11,376 consumers from 25 markets with 845 respondents in China, 421 in Taiwan and 409 in Hong Kong. Data was collected via online surveys, face-to-face, and Computer Assisted Telephone interviews, with the questionnaire translated to the local language wherever appropriate and necessary. The Index and its accompanying reports do not represent MasterCard financial performance.
The MasterCard Worldwide Index suite in Asia/Pacific, Middle East and Africa includes the long-running MasterCard Worldwide Index of Consumer Confidence, as well as the MasterCard Worldwide Index of Women’s Advancement, Online Shopping, Index of Financial Literacy, and the Index of Global Destination Cities. In addition to the Indices, MasterCard’s research properties also include a range of consumer surveys including Ethical Spending and a series on Consumer Purchasing Priorities (covering Travel, Dining & Entertainment, Education, Money Management, Luxury and General Shopping).
MasterCard also regularly releases Insights reports providing analysis of business dynamics, financial policies and regulatory activities in the Asia/Pacific, Middle East and Africa region. Over 80 Insights reports have been produced since 2004.
MasterCard has also released a series of four books on Asian consumer insights, authored by Dr. Yuwa Hedrick-Wong, Global Economic Advisor for MasterCard Worldwide and published by John Wiley & Sons.
MasterCard (NYSE: MA), www.mastercard.com, is a technology company in the global payments industry. We operate the world’s fastest payments processing network, connecting consumers, financial institutions, merchants, governments and businesses in more than 210 countries and territories. MasterCard’s products and solutions make everyday commerce activities – such as shopping, traveling, running a business and managing finances – easier, more secure and more efficient for everyone. Follow us on Twitter @MasterCardNews, join the discussion on the Cashless Conversations Blog and subscribe for the latest news.