India will lose the economic benefit of investments and consumption by these super rich

India will lose the economic benefit of investments and consumption by these super rich

India will lose the economic benefit of investments and consumption by these super rich

 

81% of respondents in Asia said that they provide regular support to their family (led b Indonesia, India and Malaysia), according to HSBC’s new “the Power of Protection” study, Facing the Future.

The study also showed that parents in the Middle East (79%) and Asia (56%)are financially supporting children into adulthood, with 51% of Asia respondents supporting a child aged over 30, over two thirds (67%) of them are supporting their parents.

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Education is the area where many Asian parents (64%) are providing financial support, while over two fifths (41%) are helping their grown-up children with everyday living costs such as utility bills, groceries and home repairs. They are also helping with medical and dental care (30%) and even holidays (25%).

The extent of financial support people given their families affects their own long – term financial planning. When asked to choose between their own – retirement fund and financial support for the family, nearly three – quarters (71%) of Asian respondents say they would priorities paying for their children’s education and 59% of them would priorities parents’ healthcare.

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