Study Abroad Financial Planning: Insights into Affluent Indian Parents' Overseas Education Aspirations
Understanding Affluent Indian Parents' Aspirations
While a staggering 78 percent of affluent Indian parents aspire to study abroad, many lack the necessary financial planning. According to an HSBC study, this financial unpreparedness could drain retirement savings.
Cost Concerns of Overseas Education
- 64% of retirement savings may be consumed by costs of international education.
- 53% have a financial plan in place for education.
- 40% expect students to take loans.
Additional Financial Goals and Stressors
On top of securing funding for education, parents also face stress in selecting courses and meeting admission criteria. The HSBC report shows:
- Top concerns include cost of living and inflation.
- 40% prioritize education savings for their children.
Rising Financial Confidence
Despite challenges, over 60% of affluent Indians reported an increase in liquid assets.
Work Beyond Retirement
Interestingly, 60% plan to continue working post-retirement, emphasizing the need for strategic retirement planning.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.