Indian parents tend to spend more than Rs 12 lakh to fund their child’s education and other expenses; less than half of the global average of more than Rs 28 lakh that parents are willing to spend on their child’s education throughout, according to The value of Education: Higher and Higher’ report by HSBC.
The survey conducted over 8,400 parents across 15 countries says that around 75 per cent of parents are confident that their child will have a bright future, while 68 per cent are confident their child will get a great job and 62 per cent are confident they will get top grades in their exams.
Even as the competition grows in the job market, India remains particularly low in education spending as parents are willing to spend just $18,909 on their child’s education from primary to under-graduate level. Hong Kong leads the way with $1,32,161 spend on education followed by UAE and Singapore.
The report says that 87 per cent of Indian parents are confident that their child will have a bright future, 85 per cent believe that they will get a great job, while 82 per cent are optimistic about their child getting top grades in their exams.
While the education standard haven’t increased with the price of education increasing more substantially than the inflation rate in India, around 94 per cent Indian parents believe post-graduation is necessary for their children to grow in their career.
While India ranks way below in education spending, online courses have become a common phenomenon since more than half of the parents would recommend an online course which is quite cheaper than a traditional campus degree.