As a parent, you aspire to give the best to your child. Education is an important part of a child’s personal development, but it is getting increasingly expensive. The rise in Education Inflation i.e. the rise in education costs, is twice that of headline inflation. Speaking of rising costs, a recent report by BankBazaar notes that over the last decade, while consumer price inflation (CPI) has been around 6%, the rate of inflation in education has been significantly higher, at around 11-12 per cent. This is a possible indicator that education costs could double every six to seven years.
Investing in your child’s future will require some robust financial planning and an early start. Let’s look at some crucial steps parents can take to begin planning to fulfil their child’s academic dreams.
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