The primary reason behind this financial commitment is the perceived superior quality of education offered overseas
A growing number of affluent Indian families are dipping into their savings to fund their children’s overseas education. A recent survey revealed that over 75% of wealthy Indians either have already sent or are planning to send their children abroad for higher studies, economictimes.com reported.
The survey, conducted in March, included 1,456 respondents with investable assets ranging from Rs 84 lakh (USD 100,000) to nearly Rs 17 crore (USD 2 million). A striking 78% of these parents expressed a strong desire for their children to receive an international education.
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Parents believe that studying abroad provides their children with opportunities to specialize in areas that might not be available in India. However, the survey also pointed out that financial worries are the leading concern for parents sending their children abroad
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Concerns about social, mental, and physical health also weigh on parents’ minds, but they rank lower compared to financial anxiety
The demand for foreign education is so intense that many parents are willing to endure financial hardship to make it happen. The survey highlighted that the cost of overseas education, which averages USD 62,364 annually, can deplete up to 64% of a family’s retirement savings. Parents are increasingly resorting to dipping into their general savings, selling assets, and even taking loans to ensure their children can study abroad.
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