Education Fee Planning
As a parent, one of the biggest commitments you will make towards the future success of your children is to make sure that, whichever path they choose in life, nothing stands in their way. And of course, that includes funding the education they require. Very often, it can come as a shock when you finally get round to considering what these costs will be.
As an expatriate, it is likely that your children will be international students and study in a different country. In this case, the costs can be higher as you may not benefit from state assistance and funding.
On average, according to data from 2014, the annual cost of being a student in the UK is GBP 23,521 in London, or GBP 22,189 outside London. If your children attend university 10 years from now and if we assume that inflation for university fees is 3% (this is a conservative figure), then the above figure would look more like GBP 30,689 for London and GBP 28,951 outside London.
If you have 2 children who will start university in 10 years in the UK (outside London) and have a study period of 4 years, the total cost could be: 2 children x GBP 28,951 per annum x 4 years = GBP 231,608. This is a very daunting figure and demonstrates why it is important to carefully plan ahead.
We are able to advise you on the potential costs of school and university fees, and we can assist you in planning for this important expense for your children. The sooner you start planning, the more effective a plan can be to keep the overall cost as low as possible.
We have been helping expatriates fund for their children’s education for years. Depending upon your circumstances, we can set up a regular saving plan and/ or a single premium investment, that will generate the monies necessary to fund your children’s education.