Mumbai man says raising a child costs Rs 13 lakh annually, post sparks debate
The tuition fees for a typical international school, as per Jhaveri, hover around Rs 7–9 lakh a year. This doesn't include essentials such as books, uniforms, and private tuition, which could add another Rs 2–4 lakh annually. Then, extracurriculars, clothing, and birthday parties push the annual expenditure to approximately Rs 13 lakh per child.The conclusion that Jhaveri, thus, arrived at is that parents would need a gross annual salary of Rs 55–60 lakh to comfortably raise just one child in a metro like Mumbai with international schooling and basic extracurricular activities.'If you're spending about 30% of your income on your child, then your net salary should be around Rs 43–44 lakh,' Jhaveri said. Factor in taxes, and the gross salary requirement goes up to Rs 55–60 lakh to sustain this lifestyle for a single child.advertisement'And this is if you have one kid. Have another one, and these numbers increase substantially. I always used to wonder why people these days don't want to have kids. Now I know why,' he said.Take a look at the post here:
In the comments section, social media users shared their personal experiences and concerns.'Education has become expensive across most schools. The sad part is the year-on-year cost increase is double the inflation. It reminds me of a movie that talks about how Indian parents will go to any extent - debt, what not - to educate their children,' a user said.Another user questioned the value of expensive schooling that also requires additional coaching: 'If a school charges Rs 7-9 lakh a year and the overall cost touches Rs 12–13 lakh, but the child still needs tuition right from the start-even before competitive exams begin-then the school is not worth it, and the child is being unnecessarily pressurised.'advertisementAnother user wrote about an even more daunting road ahead: 'This is the present cost. What about the future cost of a professional degree, especially abroad? You'll need to save this same amount yearly for the next 10 years. In a single-income household in a metro city, that means zero retirement savings.'Ankur Jhaveri also responded to critics who argued that ICSE or CBSE schools are more affordable. He acknowledged the difference but added that several parents nowadays face tremendous pressure to secure "the best" for their children - especially amid the rising competition and FOMO-driven parenting culture.Tune InMust Watch
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