Of the total number of parents surveyed in India, 41% felt that funding their child's education was more important than contributing to their own retirement savings. A majority (71%) of parents in India were willing to go into debt to fund their child's university or college education. This rose to 76% among those parents considering a university education abroad for their child.
These findings were part of HSBC's latest edition of the Value of Education Foundations for the future study.
HSBC's study found that parents shoulder most of the financial responsibility when it comes to paying for their child's education, and while the majority (70%) fund it from their day-to-day income, many have saved towards it or would be willing to get into debt to fund their child's university or college education. A good 65% of the parents surveyed 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 around Rs2,05,000 a year on average on their child's education.