The survey indicated that financial concerns are the biggest worry for parents when their children travel abroad to study.
More than three-quarters of wealthy Indians have sent or plan to send their children abroad for studies, according to a survey.
The survey of 1,456 Indians, with an investable surplus between Rs 84 lakh (US$ 100,000) and nearly Rs 17 crore (US$ 2 million), conducted in March, found a strong need for overseas education with 78 per cent of respondents saying they are interested in overseas education for their children.
Investable capital is the amount reserved for investment from total net worth.
The Global Quality of Life 2024 survey commissioned by overseas lender HSBC said the US is the top overseas destination for Indians, followed by the UK, Canada, Australia and Singapore.
The need for children to receive education abroad is so strong that parents are also willing to suffer financial strain, the survey found, noting that investing in education may entail sacrificing retirement savings.
The expected or actual annual cost of education abroad amounts to $62,364 and can use up to 64 percent of parents’ retirement savings.
Parents are dipping into their general savings, taking out loans and selling assets to finance overseas education, the survey found.
The quality of education abroad tops the list of top reasons for considering education abroad, closely followed by the ability to specialize in an area, according to the survey.
The survey indicated that financial concerns are the biggest concern for parents when their child travels to study, followed by other concerns such as social or mental concerns and physical or health concerns.
(Only the headline and image of this report may have been reworked by Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
First published: September 11, 2024 | 22:20 IS
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