- The survey revealed that most women borrowers are millennial mothers, of which nearly 12% are single parents, with an average ticket size of fees over ₹1 lakh
NEW DELHI: In a new trend, more and more women are paying for their children’s education. GrayQuest, an education financing firm, released a report which said women lead the way in adopting the ‘Study Now, Pay Later’ model with six times growth year-on-year in registrations by women in 2020. The report revealed that in more than 20% of families, women are paying for their children’s education now.
GrayQuest’s founder and CEO Rishab Mehta said, “Women are an intrinsic part of the workforce today and are breaking traditional gender roles by playing an active role in financially supporting the family. Given the rising aspiration of parents to provide the best education to their children, we are seeing more mothers taking up the financial responsibility of their child’s education needs. Moreover, the pandemic has further given impetus to the importance of financial planning for educational requirements.”
Study Now, Pay Later allows students and parents to convert their annual fee into bite-sized monthly payments. And because of this, new sets of customers such as women and students can take on the responsibility of paying for education.
The study conducted among 1.5 lakh women customers across the country, found that while pandemic-induced salary cuts and business downturn were some of the reasons for women opting for easy financing, the financial convenience of paying fees monthly and the willingness to try a new mode of fee payment remained the top reasons. According to the data, 28% of the women borrowers belonged to non-metro cities i.e. tier 2-4 cities.
The survey also revealed that most women borrowers are millennial mothers, of which nearly 12% are single parents, with the average ticket size of the fees being over ₹1 lakh.