Non-Resident Indians (NRIs) are part of the highest-earning ethnicity in America. Most NRI families are worried about kids’ college education and save much of their household income for their children’s college education during their prime years of earning. Additionally, since the income range of NRIs is higher, we often believe that it’s impossible to get financial support for our children’s college. This may be partly true for in-state public colleges. but our kids can still get good scholarships in private schools if your assets are properly positioned. Read more on how to get financial aid for wealthy families.
As per research, the top two financial priorities of NRIs for their savings are for their children’s college education and keeping the family financially shielded. 58% of Americans desire to pay for higher education for their children. With the Indian cultural conditioning, we believe this percentage may be much higher. Read more info on this at 2018 State of the American Family Study – MassMutual
This heavy emphasis on higher education, however, leads to NRIs prioritizing saving for their children over saving for themselves. As a result, 1/4th of NRIs struggle between saving to pay for their children’s college education and saving for their own retirement.
Despite such solid financial planning, only about 1/3 of people are satisfied with their current financial situation, and one-third of the aforementioned group are worried about being able to meet their long-term financial goal.
Other key findings from the survey further illustrate NRIs’ strong tendency to put family first:
- Sixty-seven percent of Asian Indians think about what is best for the family first when making financial decisions
- Three-quarters of Asian Indians believe that it is important to educate their children about finances to ensure a strong capital in the future
- Seventy percent feel it is important not to burden their own children with the cost of caring for them when they get older
We do webinars on helping NRIs on how to save money for kids’ college education and how to maximize financial aid by positioning assets. Sign-up for the newsletter or set-up an appointment to know more about the available vehicles for college savings and financial aid.