According to a study, more than three-quarters of wealthy Indians have sent or plan to send their children abroad for education. The March survey of 1,456 Indians with investable surpluses ranging from Rs 8.4 million (US$100,000) to about Rs 170 million (US$2 million) showed a strong interest in overseas education, with 78 percent stating that they were interested in sending their children abroad for studies.

Investable surpluses are amounts set aside for investment from an individual's overall net worth.
The Global Quality of Life 2024 survey, commissioned by foreign lender HSBC, said that the United States is the top overseas destination for Indians, followed by the United Kingdom and Canada. Australia and Singapore.

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The survey discovered that the desire for a foreign education for a child is so strong that parents are willing to endure the financial hardship that investing in education may entail at the expense of their retirement savings.

The anticipated or actual annual cost of overseas education is US$62,364, and it can use up to 64% of parental retirement savings. The survey indicated that parents resort to dipping into general savings, borrowing, and selling assets to fund overseas education.

According to the study, the quality of overseas education is at the top of the list of primary reasons for considering overseas education, followed by the possibility of specializing in a field.

The survey said that financial worries are the parents' biggest concern when their child travels for education, followed by other concerns like social or psychological concerns and physical or health concerns.

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(With PTI's Input)