Education savings plans

News


14 Aug, 2019

Education savings plans

Education costs across the globe have been on the rise for years, and this trend is not set to shift any time soon. However, the significance of education has not diminished in the slightest.

University and private school fees are expensive and saving for this is the primary goal of an education savings plan. 

For many expats living abroad, education for their children are government funded and free of charge. English might not be the primary tuition language and facilities are not always up to international standards.

The only other option is to make use of private international schools that have UK, Aus, or US based English tuition. Private school fees are generally costly and not everyone can afford them. 

Also, by being overseas, your children may no longer qualify for university tuition or subsidies in your home country and could be considered international students. This might result in more expensive university fees.

Average fees of private schools and universities

 Brent International School Manila

Universities in Philippines 
 High school £7 318 p.a. Engineering degree £3 544 p.a.
 Australia International school - Hong Kong

Universities in Hong Kong 
 High school £18 000 p.a. Bachelor’s degree £16 800 p.a.
 St Benedict’s School London

Universities in London 
 High school £ 16 845 p.a Bachelor’s degree up to £ 16 000 p.a.
 American school of Dubai

Universities in Dubai 
 High school £17 000 p.a. Bachelor’s degree £40 000 p.a.
 International school - Paris

Universities in Paris 
 High school £29 700 p.a. Bachelor’s degree £22 000 p.a.
 Barker Private school - Sydney

Universities in Australia 
 High school £18 000 p.a £13 500 for a bachelor’s degree p.a.
 International school Bangkok

Universities in Bangkok 
 High school £26 000 p.a. Bachelor’s degree £6 228 p.a.

Remember that there are costs other than just tuition fees that need to be considered. 

Costs could include:

  • Tuition fees
  • Admin/registration fees
  • Textbooks
  • Stationary
  • Accommodation and living expenses
  • Equipment
  • Membership to societies or sports clubs
  • Travel to school and back (international or local)

Average living expenses in cities per month

 Sydney 

Auckland  Paris 

Hong Kong 

Dubai 

Manilla London 
 AUD 1 900  NZ$ 2 000 € 1 100 HK$ 3 000  £ 2 000 $ 1 100 £ 1 265

You also need to take into consideration that costs could double if you have two or more children.

The more affluent individuals should not be quick to judge saving for education fees. Expat packages abroad are usually very generous, but private school and university fees could eat up disposable income every month and leave very little left for savings or luxuries.

Contributing to an Education Savings Plan when your children are still infants, could help cover these private school and university fees whilst you are abroad.

“An investment in knowledge pays the best interest.” –  Benjamin Franklin

https://www.which.co.uk/news/2019/07/parents-skipping-holidays-to-support-their-child-at-uni/?utm_medium=Email&utm_source=ExactTarget&utm_campaign=3814339-M_MW_EM_220719_NL

deVere Education Savings Plans

Through cautious financial planning, time management as well as dependable financial advice, arrangements can be made that will not consume all your disposable income but, will give you the peace of mind you want for the future of your children.

The earlier you start saving, the more your savings will grow, and you can guarantee your children the best gift you could ever give them, an education, whether it covers private tuition or university education.

Speak to your deVere adviser today to assist in finding the right Education Savings Plan that suits your situation on info@devere-group.com