New Delhi: Most of the wealthy families of the country want to send their children abroad for studies, or have already sent them. However, many parents do not have a concrete plan to achieve this goal. This has come to light in a study by HSBC. According to this, most families give more priority to their children's studies abroad than retirement planning.

Growing market for studying abroad

Many children from India are studying abroad. By next year, this figure can reach around 20 lakh students. But, HSBC's 'Quality of Life' study shows that most families do not have a financial plan as to where the expenses of their children's studies abroad will come from.

According to this survey, only 53 percent of Indians had an education saving plan for their children's education abroad. 40 percent of parents said that their children would take student loans. At the same time, 51 percent hoped that their child would get a scholarship. Parents were also worried about the course, university etc. in the survey.

The cost of studies is breaking the back

The cost of studying abroad is constantly increasing. The cost of funding a three or four-year degree program in the US and European countries consumes 64% of the retirement savings of Indian parents.' This survey was conducted on 1,456 Indian parents. The top 5 concerns of the globally affluent include rising cost of living, high inflation, health problems, high healthcare costs and not having enough savings for a comfortable retirement.