Education costs vary from household to household. In families with young parents, it can account for up to 20% of the income. Given that the costs have shot up in the past 15 years, here’s what parents will have to shell out in future:
Then: The average cost of educating a child in a primary school (tuition fees, books, transport) was Rs 450 a month in 1993
Now: It now costs about Rs 3,200 a month, a rise of 610% in 15 years
Then: If costs keep rising at the same rate, primary education may cost about Rs 22,755 a month in 2023
Calculation is based on fees charged by public schools in metros
Depending on how you look at it, the education of your child is both an investment and an expenditure. The sharp rise in its cost underlines the need to include this future expense in your financial planning.