Nearly half of Indian parents sacrifice their holidays to take up extra work and borrow to fund their children’s university education, says a report.
As much as 49 per cent Indian parents work extra hours and took a second job to pay for their children’s university education, claims an HSBC global survey on education carried out among 10,000 parents and 1,500 students across 15 countries, including India.
The survey reveals that 84 per cent rely on their income to support their child’s university education, with 41 per cent having no specific education savings fund at all.
In the face of financial pressure and lack of long-term planning, many parents are forced to make personal sacrifices to support their children during their studies, it says.
Around 60 per cent Indian parents (compared to 53 per cent globally) say their children’s university education has forced them to reduce leisure activities like eating out or watching movies, while 59 per cent of them (against 41 per cent globally) have taken fewer holidays and 49 per cent (against 35 per cent globally) have taken on extra hours at work or a second job, it adds.
Indian parents spend an average of $5,560 on their child’s education over a typical university course, the report says.
Over one third (35 per cent) globally and just under two-thirds (64 per cent) of Indian parents have taken on debt to put their kids through university.