More and more women are breaking the traditional gender roles, as a survey has revealed that in over 20 per cent of families surveyed, women are paying for their children's education now. The survey was conducted among 1.5 lakh education financing firm GrayQuest's women customers across the country, spread across 2,209 pin codes.
According to the data, 28 per cent of the women borrowers belonged to non-metro cities. In more than 20 per cent of families, women are paying for their children's education, according to the GrayQuest report.
It further revealed that while the 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.
"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," says GrayQuest founder and CEO Rishab Mehta.
Moreover, he noted that the pandemic has further given impetus to the importance of financial planning for educational requirements. "We, at GrayQuest, have seen a six-fold increase in women customers over the last one year from both metro and non-metro cities. It is encouraging to see more women take on the responsibility of paying for their child's education and we are glad to be able to support them by providing convenient fee payment options," he adds.
The report also revealed that most women borrowers are millennial mothers, of which nearly 12 per cent are single women who have single-handedly taken up the responsibility of financing their child's education. The average ticket size of the fees being over ₹1 lakh, it stated.
Further, 80 per cent of women borrowers had opted for these services for their child's school education needs, whereas the remaining 20 per cent of women used the service to finance their children's higher education needs, the report added.