Putting a price on your child’s future is impossible, but investing now to provide for that future is no longer an alternative but a necessity.
Paying for an education requires serious planning
School fees
A top quality education is perhaps the greatest gift you can give a child. If you have an international lifestyle, the stability of private education is likely to be your only viable option. This does not come cheap wherever the school. For example, the in UK the average boarding school fee is £27,000 per year. In Hong Kong it is not uncommon to pay annual school fees of between HKD70,000 and HKD106,000 for primary and secondary education.
University and campus life
Universities in the UK are the preferred destination for many students. With universities now able to charge up to £9,000 a year in tuition fees, supporting a child through university could now add more than £41,000 to parents “education bills”. And let’s not forget the cost of that increasingly popular gap year that may come either before or after university – or both!
Wedding bells
Your child’s wedding must be one of the most precious days of your life, so it’s natural that you want the day to go without a hitch. The average cost of ‘the big day’ in the UK is more than £15,000 and rising at more than twice the rate of inflation. But who wants just an average wedding?
A foot on the property ladder
As housing prices have escalated throughout many parts of the globe in the past 10 years, it is becoming more difficult for first time buyers to get that all-important initial step on the property ladder. As leading institutions place higher demands on first time borrowers, it is not uncommon for parents to give their children financial support.
Due to these rising costs, many students are unable to further their education, therefore failing to fulfil their potential
If you want to give your children the best possible start in life, there’s no time to lose.
Contact our team at Gladstone Morgan if you wish to know more about how this topic as well as countless other significant events may influence your financial position and savings.
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