Indian Parents Sacrifice: Kids Foreign Education
According to a recent poll, a large number of affluent indian parents are willing to forgo substantial financial gains in order to provide their kids with an overseas education. According to the poll, which involved 1,456 wealthy Indians, 78% of parents either now have a child studying abroad or intend to send their child abroad for an education.
Ninety-one percent of parents who intended to send their kids overseas indicated they would cover the cost of their education; the most preferred destinations were the US, the UK, and Canada. There is a financial gap, nevertheless, because just 53% of these parents have a savings account set up expressly for their children's education.
Ninety-one percent of parents who intended to send their kids overseas indicated they would cover the cost of their education; the most preferred destinations were the US, the UK, and Canada. There is a financial gap, nevertheless, because just 53% of these parents have a savings account set up expressly for their children's education.
Studying abroad comes at a hefty price. Rich indian families typically budget around $62,364 (about Rs 52.4 lakh) for their child's education. This would deplete 48% of their retirement funds for a conventional three-year degree and up to 64% for a four-year degree, raising questions about their long-term financial stability.
According to the poll, parents prioritize a number of things when it comes to their finances: providing for their family (45%), accumulating wealth for security (41%), investing in real estate (40%), setting aside money for school (40%), and making retirement plans (38%). Many parents are thinking of selling their possessions to help pay for their children's education, while roughly 40% anticipate that their kids will take out student loans and 51% are hoping for scholarships.
According to the poll, parents prioritize a number of things when it comes to their finances: providing for their family (45%), accumulating wealth for security (41%), investing in real estate (40%), setting aside money for school (40%), and making retirement plans (38%). Many parents are thinking of selling their possessions to help pay for their children's education, while roughly 40% anticipate that their kids will take out student loans and 51% are hoping for scholarships.