When it comes to saving for their children, a majority of the parents in the city invest in education, reveals a study.
A survey conducted by Aviva India, a life insurance company in Bangalore revealed that 97% of the young parents in Bangalore give priority to their child’s education more than any other investment. Aviva conducted a survey on saving habits of young parents in the city. The report was unveiled on Thursday.
Munish Sharda, director (direct sales force), Aviva Life Insurance ,said, “The survey revealed that parents in Bangalore believe in securing a brighter future for their children by educating them. For most parents, education means insurance. This report is a reflection of the growing urgency amongst parents to combat the rising cost of education.”
Nearly 37% of parents begin investing for the future education of their children much before they turn three years old . “My child is capable of taking her own decisions and wants to be a successful entrepreneur. It requires a formal education. I would definitely like to help her achieve her dreams. I don’t think it is right to impose my choices on my child as she is capable of taking her own decisions,” said Lakshmi P, a businesswoman.
Though some parents who participated in the survey were keen on their child opting for traditional professions like medicine or engineeing, over 55% of the parents surveyed wanted their children to decide their own future.
“Children clearly know what they want. They are more informed than we were at their age. They know the demands of a competitive environment. They are opinionated about every issue including their career,” said Divya B, a parent.
These parents are even willing to cut on expenses such shopping and entertainment to secure their children’s future. “The future of my kids is more important for me than anything else,” she said.
