Young parents put child’s education before retirement, health

With education becoming increasingly expensive, young parents are readjusting their lifestyles to ensure their child’s education. A whopping 97% of Bangalore’s young parents say they’re saving primarily for their children’s education.

This was a major finding of research on savings and investment practices by young parents in India by Indian Market Research Bureau (IMRB) for Aviva Life Insurance. While 32% parents across the country are avoiding shopping, only 6% of parents in Bangalore are avoiding unnecessary shopping.

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Also, 77% in the city opined that cost of education will be sky-high in the future, 62% think they should start savings immediately, and half the population of young parents fears they won’t be able to afford higher education for their children.

The economic slowdown has again played a great role in savings. More young parents are planning for their children and taking up child plan insurance schemes and looking for flexible premiums so that when the market bounces back and their incomes soar, they can pay higher premia. Read More >>

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