Most parents would agree that a good education is vital to their children’s hopes of finding a good career. However the recent rise in the cost of university fees, on top of increasing living costs around the world, have taken a generation of parents by surprise.
The importance of planning well ahead to help your children avoid large debts in the future is clearer than ever before.
If your children are young now, you could be looking at paying £100,000 / US$150,000* to cover fees for a three year university course.
Yet, a good education can be a stepping stone to a satisfying career, higher earnings and a self-sufficient future, so the end results often justify the expense.
There are seven vital questions you need to ask yourself:-
- Are your children likely to want to go to university?
- Do they have special talents that need nurturing at a particular kind of school?
- Do you have a savings plan in place?
- Will those savings be enough to combat the impacts of inflation and low interest rates as well as rising education costs?
- Could education system changes in the region you expect to send your child to lead to costs dramatically increasing?
- Are you confident that your savings are in an economically stable environment?
- How do you keep control of savings against different tax regimes and widely varied national laws?