HSBC’s latest edition of the Value of Education Foundations for the future study found that a vast 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.
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.
Many parents (65%) 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 Rs 2,05,000 a year on average on their child’s education.