78% of wealthy Indians are or want to educate their children abroad. The US is the most preferred destination, followed by the UK, Canada, Australia and Singapore. Parents also invest in retirement savings. According to the report, only 53% of affluent Indian parents have savings plans for their children’s foreign education.
More than three-quarters of rich Indians have sent their children abroad for studies or are planning to do so in the future. A study conducted in March 2024 assessed 1,456 Indians who had an investable surplus of Rs 84 lakh to Rs 17 crore. The study revealed that Indians with good financial status have a strong desire to educate their children abroad.
According to the study, 78% of parents are willing to educate their children abroad. The ‘Global Quality of Life, 2024’ study conducted by foreign lender HSBC found that the most preferred destination for Indians is the US. It is followed by Britain, Canada, Australia, and Singapore.
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Forced to take loan
This study revealed that parents are willing to spend their retirement savings on their children’s education. The average annual cost of studying abroad is $62,364, which can be up to 64% of parents’ retirement savings. To meet this financial burden, people withdraw their savings, take loans and sometimes are forced to sell assets.
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Raising money is a big challenge
The study says that the primary reason behind giving importance to foreign education is the quality of foreign education while the possibility of gaining expertise in a field comes second. According to the study, when a youth goes abroad for studies, the biggest concern of the parents is to raise money. After this, social or mental concerns and physical or health-related concerns also bother them.
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