In today’s generation, children's are aware of various career choices and have the lots of dreams in their little eyes and they have very strong views about what they want to become in future. It's not the case nowadays where kids used to follow the profession their parents want or what their family business suggest. Sometimes they think beyond the traditional choices. Every day they woke up with a new profession. The cost & expense related to children's education take a major chunk of parent's salary. As parents, it's our responsibility to be prepared at the earliest and create a financial bridge to support our children's aspirations to become what they want to be in life.
For creating awareness amongst parents on the need to plan for the child's future. Axis mutual fund has come up with a new investor education awareness campaign DoYourHomework. The #DoYourHomeWork platform homework.axismf.com provides the WHY, How To & WHAT for parent reference.
When I came to know about this platform I asked my elder brother to assess the product & analyse the micro-site & Do his homework for his 6-year-old son. We together explored the available sections on #DoYourHomeWork platform. This Microsite consists of various elements, including a SIP calculator to help identify the amount you need to invest in SIP's to reach the career aspirations of the child. Also, it consists of various fun activities for kids while parents can plan for kids future. Children's can have fun with, Short Stories book & they can explore their creativity with the Painting book & Crossword Puzzles.
In India, children's education comes as last goal options because we have a mindset of education loan. But this is the time for all of us to think why going for education loan option when we have an option of investing today, which helps to secure our child's future by investing on right thing on right time and plan a bright future for our child.
In future, it is possible that more global brands will come to India & their fees will be very high. My brother wanted his son to be a Doctor, but when we asked my nephew about his career aspiration he said he wanted to become an engineer. Today a 4-year engineering degree costs roughly about Rs 7 lakh right now, In 7-8 years it would be Rs 14 lakh approx. By 2028, it would cost Rs 28 lakh to get an engineering degree. We easily ignore such important calculation in our day to day life. But we never thought about planning it in a proper way. Some surveys suggest that the cost of higher education is rising at the rate of 10% each financial year. Inflation & lifestyle too has affected the cost of children's education. The big question for parents is: will they able to fund their kids education? The answer to this is yes they can, if they plan ahead & take the proper steps to make right investments & opt for correct SIP's, putting together a correct investment portfolio of mutual funds to achieve the goals.
In my view, whatever results we get out of such activities it's imperative that parents need to prepare themselves financially and need to understand the how much money they will need in future to fulfil their child's dream.The #DoYourHomework platform provides an online test for parenting. Parents can share the experience through social media using #DoYouHomework which will be crafted together in a video to share with other parents to learn & understand the career aspiration of their children.
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