Parents Not Prepared To Fund Children’s Career Options: Survey
- IWB Post
- November 16, 2015
Come on, parents! Grow up!Modern parents still think their children will grow up to become either a Doctor, Engineer or get a decent job after MBA. However, today’s children have set their eyes on unconventional career goals, like becoming artists, actors, writers or musicians. Parents of course, are under-prepared about what their children want to be when they grow up and, hence, they may not be able to meet the full cost related to the career paths, says a survey of families by Axis Mutual Fund.
Youngsters dream of two-three careers at the same time, most of which are unconventional ones, while parents expect them to take the traditional career paths.
“Today’s children have a great number of options while parents don’t think on those lines,” Chandresh Nigam, MDO and CEO Axis MF said.
The first leg of the two-pronged study included an experiment done with a group of parents and their children. The participating children were asked to draw a picture of what they would like to become in the future, while parents were asked to paint what they would like their children to become. They were not allowed to interact with each other during the experiment. At the end, the pictures drawn by the parents and children hardly matched.
In the second leg, a large scale survey of 1,000 parents with children aged 4-12 years across 10 cities – conducted by market research major Nielson – showed that for a parent, children’s education and education-related expenses were the top priorities for 83% of the parents.
The safety aspect of the parents were also reflected in the kind of financial products they invested in to meet the expenses towards their children’s career goals.
This article was first published in TOI.