'Only 24% parents financially preparing for child's career'

Only 24 per cent of parents are financially preparing for their child's career aspirations, which range from traditional choices like medicine and engineering to unconventional ones like fashion designing and chef, says a survey.
The report, based on answers from over 11,300 parents across seven cities (Mumbai, Pune, Bangalore, Kolkata, New Delhi, Hyderabad and Chennai), revealed a huge gap between the big dreams of today's children and the financial preparedness of parents towards supporting them.
"Kids in India are dreaming big and wish to pursue various career options, but parents are comparatively under prepared. While saving for their child's education seems to be a top of mind priority for them, the actual savings process is fairly unplanned," Anjali Malhotra, Chief Customer, Market and Digital Officer Aviva India, said.

The report revealed that children's ambitions are taking a leap towards unconventional career choices; however parents are still lagging behind in financial preparedness to support their dreams.
The report also reflected that salaried parents are more inclined towards financial planning as compared to the self-employed ones.
Parents working in the corporate sector are more inclined towards financial planning for their child (31 per cent), followed by government employees (24 per cent) and businessmen (22 per cent).
City-wise, 29 per cent of parents in Delhi are preparing financially for children's dreams vis a vis a national average of 24 per cent. Meanwhile, financial planning among parents is the highest in Hyderabad (38 per cent) and the lowest in Kolkata (11 per cent), the report said.