Though Indians have a strong appetite for saving money, either manually or by investing on assets, they are more moderate to spend money on education, states the Credit Suisse survey. “India’s high rate of spending on education reflects a very positive long term macro trend for the economy. The confidence of Indian consumers, though down compared to last year, is an encouraging sign for investors,” said Jatin Chawla, Vice President – research, Credit Suisse, as quoted by ET.  

In India, 7.5 percent of the income is spent on the education, which is more than twice than that of Russia. But it is seen that there is a qualitative difference in the mix of educational spending in India. Indians prefer Science rather than any other subjects like language courses or arts. Perhaps they want to go hand in hand with the technology based skill sets required for the labour market. But on this note 32 percent of Indian children are found to have indulged outside the typical schooling in 2011, which was relatively 23 percent in 2010.

Indians do have a great propensity to save. 92 percents of the respondents said they like to save through their bank accounts and 66 percent from their life insurance. May be these are the factors which made the Indian Insurance market, the seventh largest and fastest growing in the world. The survey states that there are huge number of Indians who have bank accounts and a very few claiming that they don’t have money for saving.