From the minute the child is born, there is a lot that the Indian parent has on their hands. From arranging the required ID proof documents to planning the child’s immunization schedule and the financial planning for the entire family– mind-boggling, isn’t it?! The amount spent on diapers, baby care essentials, taking care of the child, clothes, toys and so on. Once you are done with the initial few years, it is time to choose a good school. Nowadays choosing a school means not just looking at factors like distance, values, and curriculum, but also access to education abroad and the cost! How many of us have made excel sheets to see how much school education will cost us for 10 years? I know I have! That’s why it is important to start early.
About the research:
- A recent HSBC Value of Education Survey covering more than 24000 parents across the world, is revealing a lot about the value Indians place on education.
- The staggering numbers showed how much we actually need to spend and how much we need to save in turn.
- The survey that began in 2014 has done an in-depth study in over 15 countries including India, United Kingdom, United States, Australia, Canada, Mexico, Hong Kong, Singapore amongst others.
- Around 500 parents in each county with at least 150 of them having a child studying in a university were analysed as a part of the survey.
- 82% of parents said they are ready to make personal sacrifices for their kids to succeed.
- 75% of parents were found to be confident about their child’s bright future. Asian parents- India and China, in particular, were found to be highly positive in comparison to European countries.
Sacrifices- are you ready?
As a parent, it is all about the little sacrifices we make. Right from forfeiting sleep during their infant stage (!) to every small thing we do day in and day out counts as sacrifices. This study asked people across the globe how they were ready to support their child’s higher education and career. The answers got us thinking.
The survey also throws light on the kind of debt that parents are taking to meet the needs of their child’s education. This includes short-term loans, long-term loans, credit cards and money borrowed from family and friends. And to compensate for the shortfall in savings and requirements, what are today’s parents doing? Cutting down on a lavish lifestyle, obviously. What do you cut back on to fund your child’s education?
And at the end of it, the one common thing that 61% of parents agreed that they wished they started saving for their child’s education earlier and 46% parents wished they had saved more regularly.
What is your take on this parents? Are you doing the right thing when it comes to your child’s education and financial needs? Let us know in the comments below.
Janani S Koushik
Mansi Zaveri
Rati Ramadas Girish
Rushita Sheth
