Education Planning
Learning from Experience
Sending a child to private school or enabling them to continue onto university is increasingly becoming an objective for many parents but unfortunately the cost is increasing at an alarming rate.
Starting to plan for a childs education at birth may appear premature but this is precisely the right time to be considering this option. Making prudent decisions at that time can ensure that sufficient capital is available to meet your objectives and can assist towards potential costs e.g.:
- In August 2003 JP Morgan Fleming estimated that the projected cost of private education for the ages of 11 to 18 could be £129,000, thus meaning you would need to be saving £550 a month for the next 11 years. (Source: www.bbc.co.uk - Private Education 'To Cost £129,000' August 2003)
- The Independent Schools Council, whose member schools educate 80% of the private sector, state that parents are paying an average of £16,776 per year for pupils boarding. (Source: www.bbc.co.uk - Private Education 'To Cost £129,000' August 2003)
- Students starting university in September 2006 can expect to pay fees of £3,000 a year (which is what the majority of universities will charge), so a four year course could cost £12,000 in fees alone. However, this makes no allowance for the cost of living, typically (2003/2004) £12,000 per year. (Source: www.bbc.co.uk - What university is going to cost - By Mike Barker)
All to often without careful financial planning, serious sacrifices may have to be made which could impact upon your standard of living. When we review your financial and life objectives we can determine what is possible to enable you to assist in the support and learning opportunities of younger generations.
THE VALUE OF SOME OF YOUR INVESTMENTS ARE NOT GUARANTEED AND CAN GO UP OR DOWN DEPENDING UPON INVESTMENT PERFORMANCE. YOU COULD GET BACK LESS THAN YOU HAVE PAID IN.
