Over 75% of wealthy Indians plan to send their children abroad for education: Survey

Overseas education trend: More than three-fourths of affluent Indian families are either sending or planning to send their children abroad for education. This trend is highlighted by a recent study conducted in March, which surveyed 1,456 individuals with investable assets ranging from Rs 84 lakh ($100,000) to nearly Rs 17 crore ($2 million).

According to the Global Quality of Life 2024 survey by HSBC, 78% of respondents are enthusiastic about international education for their children. The United States tops the list of preferred destinations, followed by the United Kingdom, Canada, Australia, and Singapore.

Financial strain for education

Parents are willing to endure financial sacrifices to afford this education, with the annual cost averaging $62,364. This amount could use up to 64% of their retirement savings. To cover these costs, families often dip into general savings, take out loans, or sell assets.

The main reasons for opting for overseas education are the high quality of education and the chance to specialise in specific fields. However, financial concerns are the biggest challenge for parents, alongside worries about social, mental, and health-related issues.

(With PTI Inputs)