A question I’m often asked by my clients is “how much will I need to save for my children’s education”.
Unfortunately the answer isn’t an easy one because there are so many variables.
How many children do you have (or will you have)?- Public or Private school?
- The fees charged by the school
- Will you pay for their university education?
- Will your children even choose to attend university?
The overall cost of putting just one child through a private school education and university could be as high as $300,000. The cost of a public school education may only be a quarter of this.
In both cases, though, careful thought should be given as to how this will be funded and a good plan put in place to ensure it happens without putting strain on your finances along the way.
Check in with a financial planner to start a discussion.
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- Related articles:
- Funding Your Children’s Education
- Should I Give My Kids Pocket Money?
The information in this document reflects our understanding of existing legislation, proposed legislation, rulings etc as at the date of issue. In some cases the information has been provided to us by third parties. While it is believed the information is accurate and reliable, this is not guaranteed in any way. Any advice in this publication is of a general nature only and has not been tailored to your personal circumstances. Please seek personal advice prior to acting on this information.