According to a recent study, Indian parents on an average spend USD 18,909 (about 12.2 lakh rupees) on the education of their ward from primary school to undergraduate level and this amount is much lower than the global average of USD 44,221.
"Parents in India are spending an average of USD 18,909 (compared with USD 44,221 worldwide) towards all aspects of their child's education costs (including school or university tuition fees, educational books, transport and accommodation) from primary school up to university undergraduate level," according to HSBC's 'The Value of Education' series "Higher and Higher".
According to the study, parents in HongKong spend USD132,161 followed by the UAE (USD 99,378) and Singapore (USD 70,939) to contribute towards all aspects of their child education.
In the survey done in 15 countries, India stood at 13th position Egypt (USD 16,863) followed by the France (USD 16,708) stood at the bottom of the list.
"In today's competitive global job market, education is important. Parents appreciate this and are willing to invest time and money to help their children get the best start in life. Their support shows in the personal, lifestyle and financial sacrifices they are making," HSBC India Head, Retail Banking and Wealth Management, S Ramakrishnan said.
Further study revealed that over nine in 10 parents are considering PG education for their child and 79 percent of these parents are expecting to contribute towards PG education too because majority of parents think that PG is important for their child to get the desired job in the chosen field.
The study also revealed that more than 59 percent of the parents fund their child education from their income, while 48 percent does this through general savings, investments or insurances.Parents in India also make financial sacrifices such as reducing the spending on leisure activities in order to fund their child education.