IMPACT OF FAMILY FINANCIAL COMMUNICATION ON CHILDRENS EDUCATIONAL ASPIRATIONS

The increasing cost of education due to inflation is putting a heavy financial burden on families, making it crucial to understand how these expenses affect family dynamics and childrens educational aspirations. This study, conducted in the Chandigarh region of India, investigates the relationship between family financial communication and childrens educational aspirations. Using a qualitative approach, the research focused on students who completed the All-India Senior School Certificate Examination (AISSCE). Data was collected through semi-structured interviews with parents and children, exploring how families discuss finances and the impact of these discussions on childrens educational aspirations. Thematic analysis was used to identify patterns and themes.The results revealed that families with frequent and constructive financial conversations are more likely to have children who are driven and self-assured in their pursuit of academic and professional goals. In contrast, the absence of financial communication within families often leads to children feeling uncertain and confused, resulting in diminished drive and ambition. Additionally, families with high levels of financial planning and savings for education tend to have children with higher aspirations for higher education and successful careers, viewing education as a crucial investment in their future.