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.