According to a recent survey, over three-fourths of wealthy Indians are planning to send, or have already sent, their children abroad for education.
The survey, which included 1,456 Indian respondents with investment savings ranging from Rs 84 lakh to around Rs 17 crore,
found that 78% of them prefer foreign education for their children.
Popular Destinations and Associated Costs
The HSBC Global Quality of Life 2024 survey reveals that the United States is the most preferred destination for Indian students,
followed by the United Kingdom, Canada, Australia, and Singapore.
Despite the high costs, which average around $62,364 (approximately Rs 51 lakh) per year, many Indian parents are willing to bear these expenses, which can consume up to 64% of their retirement savings.
Focus on Quality and Specialization
The primary reasons for sending children abroad include access to high-quality education and opportunities for specialization in specific fields.
However, financial concerns remain the biggest challenge, followed by social, mental, and health concerns.
The survey indicates that Indian parents are willing to make significant financial sacrifices to ensure a better future for their children through international education.
