FACTORS AFFECTING FINANCING CHILDREN'S HIGHER EDUCATION- PARENTS’ PERSPECTIVES

Abstract

This research paper investigates the factors influencing parental decisions regarding the financing of children's higher education. It employs a descriptive survey method to examine parents' attitudes using a sample of 198 parents in Delhi. By analyzing responses to a scale covering motivational, economic, social, and institutional factors, the research aims to inform educational policies and support initiatives to enhance access to higher education. Findings indicate that a significant majority of parents prioritize their child's interests and aspirations, viewing education as a critical pathway to future security and personal growth. Financial stability, both current and past, plays a pivotal role in these decisions, with parents adopting a pragmatic approach to budgeting and exploring various funding options, including informal income streams and student loans. The reputation of educational institutions and the choice of courses significantly impact parental choices, as parents aim to maximize the potential returns on their investments. The study identifies the need for enhanced financial literacy and greater access to financial aid information, emphasizing the importance of transparency from educational institutions regarding outcomes and placement rates. Recommendations include developing financial education programs, community support systems, and tailored financial assistance strategies to accommodate diverse socioeconomic backgrounds. By addressing these factors, the paper aims to contribute to a deeper understanding of parental decision-making in higher education financing and promote a more equitable educational landscape.