One thing that is always on the minds of Indian parents is the concern about their child’s future. In this overly populated country where the competitive environment is always on the rise, the parents are always trying to do the best for their kids in terms of education offering a wide range of career options.
Gone are the days when parents used to force their kids into Engineering or Medical courses. Today, the kids are getting so smart and interactive that they are exploring new career options that resonate with their passion and interest. Also, the parents, however reluctantly, are falling for their child’s desire to pursue his/her goals.
However, the ambitions of these kids don’t come cheap. With so many roles models across different horizons, kids are aiming and exploring challenging career paths such as Space exploration, Rocket science, high-end medical research, and training as well as planning for higher education at specialized universities abroad.
While The Kids Have Done Their Homework, As Parents, Have You Done Yours?
Children of the 21st century do their homework and shortlist an array of career choices according to their interests and often keep their options open at a very early age. However, the big question is whether you have done your homework to make sure that there are no financial barriers or limitations while your kid is pursuing his/her dream career.
Recently, Axis Mutual Fund launched an awareness program called, #DoYourHomework to make the parents realize the value of starting the preparations from today in order to secure their child’s future when they are all set to pursue their higher education.
The main agenda behind the program was for the parents to assess whether they are on the same page with their kids when it comes to their career choices. The idea was simple. With a list of diverse career options available, today and many new choices may arise in the future, the parents must realize that the kids may wish to pursue a career that is very contradictory to the conventional choices and may require specialized education like overseas education, private institutes, etc.
Such education may cost the parents a lump sum and rather than disappointing their kids, then it is wiser for them to start investing or saving from today itself for the bright future of their kids.
Do Your Homework Experiment Highlights
As the title of the program suggests, a group of parents and their children were invited to participate in a fun drawing event as their homework. The kids were asked to draw what they will like to be in the future while the parents were asked to draw what they wanted their children to become in the future.
You can check the complete event here:
Surprising, when the final drawings of the parents and their respective kids were unveiled, the results were contradicting indicating that the ambition of the kids from the current generation goes beyond the limitations of conventional career choices.
In addition, a platform, Do Your Homework, is for the parents to understand the Why, the How and the What in regards to securing their child’s future. On this platform, the parents can take a simple test to assess the amount of investment or savings; they would need to accommodate in the future so that their kid’s dreams are not shattered.
While the parents are busy doing their homework, they can also download free Children books for their kids, where they could explore their creativity and at the same time check out various career options with the help of colouring books.
They can also learn about new career options by reading short stories about the various professions or solving crossword puzzles. With an intention to draw the attention of today’s parents regarding their child’s future, a campaign called “Do Your Homework” campaign was launched for the parents at Crossword Bookstores across 17 outlets in 7 cities and Kidzania in Mumbai over a period of 3 weeks.
To make it easier for the parents, they have also launched the #DoYourHomework mobile app, where the parents can do their homework and find the real expenses that would require helping the kids pursue their dream career.
So, How Are You Saving for Your Child’s Future?
Now, that it is almost clear that the future of a child’s education and career highly depends on how the parents are saving for their higher education and future choices, let’s focus on how to plan it.
In order to secure your child’s education for the future, you require an effective investment plan with a definitive financial backup. To determine the right investment options, you must #DoYourHomework and after that consult a financial advisor who will aid you in investing in the right places.
Remember, due to inflation, there may be a huge difference between the expenses of higher education today and at the time when your kid is ready or eligible to pursue it. Hence, seeking the help of a financial advisor comes handy while you make your investment choices to save funds smartly and more efficiently.
Seeking the guidance of a good financial advisor will help you in choosing the right investment options in order to save for your child’s education when you really need it. You will also get the guidance on the real expenses that you would need over 5, 10 or 15 years, when your children are ready for the higher education whether overseas or some specialized training.
Over to you!
Education loans may be available, but it wouldn’t be wise to do nothing now without planning for your child’s future and then end up paying high interests on education loan at the time of the real expenses.
In short, be smart and go to #DoYourHomework app now, take the test and seek the financial advice from an expert now about the investment options and saving methods to secure your child’s future.