For many parents in India, funding their child’s education is more important than contributing to their own retirement savings.
A study by HSBC found that seven out of 10 parents were willing to go into debt to fund their children’s university education.
About 65% parents in the survey said that paying for their child’s education made it more difficult to keep up with other financial commitments.
Parents with a child at university or college were spending over 2 lakh a year on average on their child’s education.
The study also found that parents shoulder most of the financial responsibility when it comes to paying for their child’s education, and majority fund it from their day-to-day income.
Source: The Financial Express