Children’s education: Parents taking to debt route, says HSBC

Updated: July 12, 2016 8:49 AM

For many parents in India, funding their child's education is more important than contributing to their own retirement savings.

The study also found that parents shoulder most of the financial responsibility when it comes to paying for their child's education, and majority fund it from their day-to-day income. (Reuters)The study also found that parents shoulder most of the financial responsibility when it comes to paying for their child’s education, and majority fund it from their day-to-day income. (Reuters)

For many parents in India, funding their child’s education is more important than contributing to their own retirement savings. A study by HSBC found that seven out of 10 parents were willing to go into debt to fund their children’s university education. About 65% parents in the survey said that paying for their child’s education made it more difficult to keep up with other financial commitments. Parents with a child at university or college were spending over R2 lakh a year on average on their child’s education.

The study also found that parents shoulder most of the financial responsibility when it comes to paying for their child’s education, and majority fund it from their day-to-day income.

p15g1

Get live Stock Prices from BSE and NSE and latest NAV, portfolio of Mutual Funds, calculate your tax by Income Tax Calculator, know market’s Top Gainers, Top Losers & Best Equity Funds. Like us on Facebook and follow us on Twitter.

Switch to Hindi Edition