90% of Indian parents prioritise kids’ overseas education over retirement savings: HSBC survey

Around 90 percent of Indian parents out of the 11,000 affluent global respondents surveyed for the HSBC Quality of Life Report 2024, prefer to spend on their children’s overseas education rather than keeping their money in the retirement plans. This is despite the fact that the foreign education of their children cost more than 64% of their retirement corpus.In 2023, as many as 1.3 million Indian students were studying abroad, a significant increase from the 9,07,404 students in 2022, making the country second largest source of international students after China. And, over 2 million Indian students are expected to pursue education abroad by 2025.The HSBC study also found that 78 percent of Indian parents aspire to or have their children pursue higher education at foreign universities, despite the current challenges where many of these students struggle to find suitable jobs.In 2016, only 3,69,876 students went abroad for studies. 8,94,783 students in 2023 and as many as 3,60,588 students till July 2024 have taken admissions.



Source link