Parents in China are willing to spend $100,000 on their children's higher education abroad, according to "The Value of Education: Higher and Higher" report by HSBC.
60% are expected to spend on their children's undergraduate education and the other 40% on postgraduate education.
The report said parents in China are the most financially prepared, with over half (55%) funding their child's education through savings, investments, or insurance, and over 2/5 (43%) through a specific education savings or investment plan.
According to the Ministry of Education, China sent 540,000 students to study abroad in 2016, and the trend is increasing.
The report found that Chinese parents prefer for their children to receive a postgraduate education abroad (49%) more so than an undergraduate education (32%).
One-third of the parents in China said they have either drastically reduced or completely stopped leisure activities or holidays to pay for their children's education.
The report indicates that despite making these sacrifices, 70% still worry that they are not doing enough for their children.