There has been an increasing trend in the number of Indian parents who are investing in their children’s overseas education, believing it will enhance their future prospects. They believe that studying abroad offers more advanced educational opportunities and a higher standard of living, ultimately leading to better career and life outcomes for their children.
A study suggests that as much as 78% of Indian parents either aspire to send their child overseas for study, or already have a child studying abroad. Abhay Shukal, father of a student of George Brown College, Canada is of the opinion that overseas education offers better opportunities. “I have sent my daughter abroad because I know there is better education outside of India. More importantly, she will be able to lead a life of higher quality once she graduates and settles down there,” Shukal says.
However, according to the survey 90% of the parents intend to fund their child’s education overseas even after the costs of it represent up to 64% of required retirement savings. 40% respondents expect their child to take student loans, 51% are hopeful for scholarships and 27% would even consider selling assets to fund their child’s education.
Despite their investment in overseas education, some parents maintain the expectation that their children will provide support after their retirement. Seema Vohra, mother of a child who studies in Massachusetts Institute of Technology (MIT) believes that her son will be her support in old age. “Funding my son’s overseas education was difficult but I know if my child is able to get a good education he will be successful in life. And we live for our children, I know they will be with us in our old age,” she said.
Shukal is of the same opinion. Saying that his daughter will be his pillar of support after retirement, he expressed “I just want my child to have a good education and future. She has always been a good child and will be my pillar of support after retirement”.
The survey also shows that only 53% of affluent parents in India have an education saving plan. Nagma Sarma, parent of a student from The University of Queensland, Australia while talking to The Free Press Journal said that she has a retirement plan in place. “I have made my retirement plans irrespective of sending my daughter abroad. I believe it is important to have a good education to succeed in life and that is why I had thought this through,” she said.
As an increasing number of Indian parents choose to send their children for overseas education, some have established both educational and retirement plans. Conversely, others hold the belief that their children will provide support in their old age, despite the financial commitment involved in overseas education.
(Please Note: The Free Press Journal has not independently verified the claims presented in this report and has solely provided coverage of the information)
