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A recent report released by HSBC shows that 8 out of 10 wealthy Indians want their children to study overseas or already have a child studying overseas. However, only 53% of them have a plan to save for their child’s overseas education.
The report also shows that 90% Indian parents want to fund their child’s overseas education, even if they have to spend up to 64% of their retirement corpus.
HSBC’s Quality of Life Report sheds light on various aspects of financial planning of affluent citizens from 12 global markets. This includes India, Hong Kong, Indonesia, Mainland China, Malaysia, Mexico, Singapore, Taiwan, UAE, UK and USA. However, this article is completely India focused.
1456 affluent Indians with investible assets between $1 lakh to $20 lakh participated in the surveys. Here are the key highlights of the report:
- 27% of Indian parents would consider selling their assets to fund their child’s overseas education
- 46% of Indian respondents rely on a private insurance policy while 39% of them have both a private and a public insurance policy
- 62% of wealthy Indians have seen an increase in their investments while 36% are not seeing much of a profit
- 86% of wealthy Indians are interested in doing legacy planning with a wealth management advisor
- Top themes in which affluent Indians invest includes e-commerce and digital payment, renewable energy and clean technologies and healthcare and biotechnology
- 87% affluent Indian parents consider buying a property in the country where their child is studying
