Today, there are a large number of parents in India who want their children to study abroad. They are ready to go to any extent to fulfill their dream. Parents are eager to invest their hard-earned money to educate and settle their children abroad, even if they have to sacrifice their retirement funds for this. This has come to light in a recent survey.
In fact, British bank HSBC has recently released a report, named HSBC's Quality of Life Report 2024. It states that a large number of Indian parents want to educate their children abroad. Even if for this they have to spend the money saved for retirement. To prepare the report, 11,000 rich parents from all over the world have been talked to. The opinion of Indian parents has also been taken during the survey.
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78% Indians want their children to study abroad!
According to a report by HSBC, 90 percent of Indian parents are willing to spend money to educate their children abroad. In doing so, sometimes they have to spend up to 64 percent of the money saved for their retirement. The report states that 78 percent of the Indians surveyed have at least one child studying abroad or they want to send their child out of the country for studies. Popular destinations for studies are countries like America, Britain, Canada.
Some are willing to take loans, while others rely on scholarships: HSBC report
However, due to the rising cost of living and food abroad and rising inflation, it is becoming difficult for parents to educate their children abroad. Parents are not only investing their personal savings but also using their retirement funds to educate their children abroad. According to the report, 53% of Indian parents surveyed say they have a savings plan to educate their children abroad. 40% of students depend on student loans and 51% on scholarships for their studies.
According to the report, 27% of parents are ready to sell their property to bear the cost of education. Apart from the worry of money, parents are also facing the problems of choosing a course, getting admission in a university and preparations before sending their children abroad, which is increasing their stress.