An ASSOCHAM survey showed that 65% of parents spend more than half their take-home pay on their children's education and
, extra co-curricular activities.
The survey reveals that expenditure on a child’s education has gone up from Rs 35,000 in 2005 to over Rs 94,000 in 2011 on activities that are integral to the school curriculum like fees, transport books, uniform, stationery, building fund, educational trips, extra tuitions and extra-curricular activities.
Majority of parents spend on average more than Rs 18 lacs-20 lacs till class 12 after which the expenses double from due to the rising cost of higher education. Therefore it is important for parents to plan early for their child’s education costs.
Please refer to our presentation to understand how you can plan for your child’s future expenses.