Indians Parents Willing to Go into Debt to Fund Their Children’s College Education: HSBC
HSBC study report shows that over 71% of Indians parents are willing to go into debt to fund their children’s university education. The findings were based on the latest survey held by HSBC, Value of Education: Foundations for the future. The study had also found out that the number rose to 76% for students opting for universtiy education abroad.
41% of parents, mothers more than fathers, opined in the survey that they believe paying for their child's education is more important than contributing towards their own retirement savings and other financial commitements .
“The financial sacrifices that parents are willing to make to fund their children’s education are proof of the unquestioning support they will give to help them achieve their ambitions. By having a financial plan to meet their family’s overall needs and reviewing it regularly, parents will be better placed to support their children’s studies without compromising on their own long term financial goals.” said S. Ramakrishnan, Head of Retail Banking and wealth management, HSBC India.