Education Budget Soars: Indians Set Aside Rs 2 Lakh/Year For Career Push, Says Report – News18

Depicting the growing appetite for upskilling to suit industry demands, Indians were found willing to spend nearly Rs 2 lakh (US $2,500) every year out of pocket for further education. This insight was found through the recently released Emeritus Global Workplace Skills Study 2023 from Emeritus, the professional education platform.

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This survey of professionals from a diverse set of sectors in the country found that 1 in every 2 Indians are ready to fund further education for themselves, their children or their family within the upcoming 12 months.

Key findings of the study;

Education ranked high among Indians’ priorities even as the survey found 2 in 3 respondents admitting to spending their money cautiously focusing on essentials such as healthcare, medicine, groceries, etc., amid job layoffs and salary cuts globally.

The trend of Indians spending on further education out of pocket stood out from most other parts of the world, where upskilling is being funded largely by organisations.

Why Do Indians Want To Study More?

According to the report, the main motivations for Indian professionals to pursue further education included increased job security, a rise in self-confidence, developing leadership skills, and staying up-to-date with industry knowledge.

The emphasis on continued learning in Indian society was also visible from the number of hours that professionals are investing into upskilling.

The study found that respondents are willing to commit an average of 11 hours on a weekly basis to further education. Most Indians, however, preferred short-duration programmes for upskilling, as per the Study. On average, professionals in the country were found willing to commit to nearly 5 months for an upskilling programme.

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The study highlighted that personalised career plans, guaranteed internships, networking opportunities, and career workshop benefits are more likely to motivate Indian consumers to pay extra for a programme.

About 7 in 10 respondents saw the value of paying more to have one of these additional benefits. The survey also found that some of the most appealing enrolment benefits included the possibility to pay in monthly instalments, cashback benefits, and a total refund guarantee.

Mohan Kannegal, CEO, India and APAC, Emeritus, said, “The data from the study clearly points out that Indians are relentless in their focus to stay relevant in today’s job market. Education and upskilling are wise investments, especially during uncertain times, and Indian professionals are leveraging them to gain confidence and a competitive edge.”

Study sample and regions

Emeritus conducted the third edition of study through its extensive survey of 6,600 professionals aged between 21 and 65 across 18 countries, including India, Australia, Brazil, France, US, China, UK, Brazil, Mexico, UAE, among others, to understand the global standing of workforce on online education during uncertain times.

The study surveyed a total of 1,720 Indians aged between 21 and 65 years, hailing from across 20 tier-I and II cities in India.

The average age of the respondents was 39, and the average work experience was 12 years.

The surveyed Indian professionals hailed from diverse sectors such as Software and IT services, Finance, Insurance, Education, Manufacturing, Technology and Innovation, Healthcare, Engineering and Construction, and Retail, among others.