Despite the long-term financial burden, the aspiration for quality education remains strong, even if it means compromising on other goals like retirement planning
A recent survey highlights the growing trend among affluent Indian families to send their children abroad for education, often at the cost of financial security. According to a survey of 1,456 Indians with investable surpluses between Rs 84 lakh (USD 100,000) and Rs 17 crore (USD 2 million), over 78% are either planning to or have already sent their children overseas for higher studies, reported economictimes.indiatimes.com.
The Global Quality of Life 2024 survey, commissioned by HSBC, underscores the United States as the most preferred destination for Indian students, followed by the United Kingdom, Canada, Australia, and Singapore. The driving factors for this choice include the superior quality of education abroad and opportunities for specialization in niche fields.
Alongside financial concerns, parents also worry about their children’s social, mental, and physical well-being when they move abroad for studies
Many Indian parents, however, are willing to endure financial sacrifices to make this dream a reality. The survey points out that the average annual cost of overseas education is approximately USD 62,364, potentially consuming up to 64% of a family’s retirement savings. To fund these ambitions, parents often dip into their general savings, sell assets, or take out loans.
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