61% regret starting late in saving for child’s education: HSBC Value of Education survey

child-education-getty

As many as 44% still want a foreign education for the child, according to a recent HSBCValue of Education survey.

Average money spent over the course of a university degree

  • Parents: Rs 3.61 lakh
  • Students: Rs 7.77 lakh
  • Funding gap: Rs 4.15 lakh

Sacrifices made by parents to support child’s education

  • Took less expensive holidays: 60%
  • Took fewer holidays: 59%
  • Reduced or stopped leisure activities: 57%
  • Worked extra hours/took second job: 49%
  • Forfeited me-time/gave up hobbies: 34%

What parents could have done differently to fund a child’s education

  • 61% Wish they had started saving for their child’s education earlier
  • 46% Wish they had saved more regularly
  • 35% Worry they don’t have financial resources to support child’s education

Expenses being contributed by parents related to child’s education

  • Fee: 75%
  • Tech for education (laptop): 72%
  • Academics: 60%
  • Food: 66%
  • Transport: 60%

Financial action taken by parents to help fund child’s education

  • Taken a shortterm loan: 31%
  • Borrowed on credit card: 21%
  • Borrowed from family/friends: 26%
  • Taken long-term loan: 24%

  • Indian parents considering foreign education for their child: 44%

Top destinations being considered for foreign education

  • US: 52%
  • UK: 44%
  • Germany: 23%
  • Australia: 46%
  • Canada: 23%
  • Singapore: 14%

Source: The HSBC Value of Education survey was conducted among 10,478 parents and 1,507 university students across 15 countries, with 505 parents and 100 students in India. All figures don’t add up to 100% due to multiple responses.

 

 

[“source=economictimes.indiatimes”]