Key financial concerns of parents before we dive into the ins and outs of “Child Savings Plans”, let us quickly take a look at some of the concerns that parents have about their children’s future.
Education, specifically higher education, is a top concern for most parents. The cost of school and college education is increasing at a rate higher than that of inflation. This means that college fees that seem affordable today will be formidable when your (now) five-year-old completes her schooling. An increasing number of Indian students are looking to pursue their undergraduate and graduate degrees abroad. These overseas degrees do not come cheap.
Also, a lot of families are still traditional and would like to build a corpus for their daughter’s marriage. Education and marriage remain the two main expenses related to children other than health care. Third on this list is funding the child’s special abilities. For example, grooming a chess grandmaster or bharatanatyam dancer demands a tidy sum. If a child is shows talent in sports or arts, it takes significant money to do justice to his/her talent and passion.
Lastly, parents are worried about their children’s future if one or more of the breadwinners in the family pass away in an untimely manner. Such an event can potentially derail the aspirations of the kids.
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