Young Australians who study abroad are often plagued by excessive rent or exchange rates. (photo by the Daily Telegraph)
Young Australians often suffer from high rents or exchange rates when they study abroad, the Daily Telegraph reported. At some popular foreign destinations, Australian students need to earn more than twice their average salary to avoid savings or debt woes.
Australian students need an average of A $76140 to study at New York in the United States, according to a survey by WorldFirst, an international remittance service. These include A $46950 in tuition fees, A $19670 in rent, A $1500 in air tickets and A $8020 in living expenses.
According to Australia`s 2016 census, Australians earn an average of A $662 a week and an average of about A $34,399 a year (including full-time, part-time and temporary jobs).
Liddy (Patrick Liddy), head of foreign exchange trading at WorldFirst, said it was important for Australian students to go abroad to make financial plans. Students have to consider not only the cost of living abroad, but also the hidden costs of exchange rates, such as converting Australian dollars into foreign exchange and paying tuition fees or rents in foreign currencies. Especially in areas where currencies are stronger, such as Europe, the United States or the United Kingdom.
In addition, Australian students spend an average of A $29,500 a year studying in Paris, France, less than half the New York. The cost is also lower than Melbourne`s A $31520 a year. The rental rate in Paris is about 1 / 3 in Melbourne, A $14780 in Melbourne and A $5610 in Paris.
Liddy suggested that Australia`s overseas students pay more attention to changes in the exchange rate. For example, the Australian dollar fell nearly 10 percent against the euro between July 2017 and May 2018. In line with this trend, Australian students studying in Paris could easily spend A $2950 to A $4425, or about 10 to 15 percent, more than originally expected.
Thornton (Colleen Thornton), who now works in construction marketing and communication, studied at New York State University at (The State University of New York). She said the cost of studying abroad was valuable, not only to get her out of the comfort zone, but also to boost her confidence. When interviewing for a job, her experience of studying abroad can be a point of conversation to help her stand out from the many interviewees.
Nicholson (Megan Nicholson), managing director of Entree Recruitment, the recruitment agency, said it was good for job seekers as long as degrees from overseas universities were recognized in Australia.
The manager of Hays (Hays), a recruitment group, also said that while degrees from overseas studies are not necessarily more important than those obtained in Australia, the experience of living abroad illustrates the independence of job seekers. This is a quality that employers attach more importance to.
The following is the average annual cost of studying in some popular cities:
(data from WorldFirst)
