Most people who already own homes and are saving up money have two primary things in mind: their children's education as well as their retirement plan. Moreover, we have seen many new differences as to how parents plan for their children's future education in higher education.
A considerable number of parents have shifted their attention from domestic education over to education in other countries, according to a report from Live Mint. Parents have many reasons for thinking this way including, but not limited to increased competition in their homeland as well as the perception of a higher level of education overseas. This change in mindset has quite the sizeable economic impact.
To put this into a clearer perspective, taking up a Master's Degree in say, Business Administration is about 6 to 7 times more expensive in the States compared to taking it in countries such as India. The depreciation of currency has also played a large role in this discrepancy. The value of the rupee has been going down 8.3% per year, which means that an Indian family would have to increase their investment in education by that same amount annually if they want to keep up with the costs.
Luckily, there are ways by which you could build up these investments easier. The first of which is to manage expectations continuously, meaning that parents and children alike would have to accept that it may be too difficult for the kids to get an education in a foreign country.
Another way to help is by making the children themselves realize the severity of the situation and make them find solutions for themselves. Student Profit has compiled a list of quick and easy ways for teenagers to make a good amount of money in their free time. Hopefully, this will add up and help fund their educational goals.
