A recent survey revealed that a significant number of wealthy Indians are sending their children abroad for education. According to the findings, over 78% of affluent Indian families have either already sent or are planning to send their children overseas for higher studies.
The survey, conducted in March, involved 1,456 Indians. Each respondent had an investable surplus between Rs 84 lakh (USD 100,000) and Rs 17 crore (USD 2 million). The results clearly show a strong desire among wealthy Indian families for abroad education, with most participants expressing their willingness to go to great lengths to ensure their children receive the best education abroad.
Top Destinations for Education
According to the Global Quality of Life 2024 survey commissioned by HSBC, the most popular destinations for Indian students are the United States, followed by the United Kingdom, Canada, Australia, and Singapore. These countries are chosen for their high standards of education and opportunities for specialization.
Financial Strain and Sacrifices
The survey also highlighted the financial pressure parents face when funding overseas education. The average cost of education abroad is estimated at around USD 62,364 per year. This substantial expense often forces parents to dip into their retirement savings, with many willing to sacrifice up to 64% of their savings to ensure their child’s education.
To fund these high costs, many parents resort to using general savings, taking loans, or even selling assets. Despite the financial strain, families view foreign education as a valuable investment in their child’s future.
Reasons for Choosing Overseas Education
The main reason parents choose to send their children abroad is the quality of education available in these countries. Additionally, the opportunity to specialize in specific fields of study is another major factor influencing their decision. Parents believe that an international degree will provide their children with better career prospects and personal growth.
Parental Concerns
While finances are the primary concern, parents also worry about their child’s social, mental, and physical well-being when they move abroad for studies. Adjusting to a new culture, homesickness, and health issues are also on their list of concerns.
Despite these challenges, the drive to provide top-quality education remains strong among wealthy Indian families.
