Education Fee PlanningPlanning for childrens’ education fees can be the single most expensive cost of being a parent and yet one of the most rewarding. Providing the foundations of a good education affords the best opportunities to your children and their future.
Rising education fees and cost of living have meant that making provision for the cost of education from an early age in your child’s life has never been so important. With Australia topping the average international student annual tuition fees at $25,375, America charging a similar $25,226 and the UK still averaging a pricey $19,291, parents need to begin planning years in advance to afford the extreme cost of higher education.
The investment plans available to expatriates are tax efficient and offer a great level of flexibility and accessibility to suit your personal needs throughout the course of saving.
Whether you have already begun making provisions for your childrens’ education funds and would like to arrange a free review of your investment performance, or whether you’re ready to start your child’s education plan now, arrange a free consultation and let us help you to achieve your financial goals.
Education Fee Planning Advice
Cost Of Education
With most expat packages including the cost of overseas education at international schools, this often isn’t an expense parents need to outlay.
However with expatriate employment contracts renewed frequently, being financially prepared to meet the costs of private education should personal circumstances change is important.
Those looking to attend universities around the world as International Students will face higher annual tuition fees than ever before, as highlighted in the illustration below.
Cost Of Living
Cost of living varies across the world, but is always of a significant enough level to consider in the financial planning process for a child’s overall cost of education.
The chart below indicates an estimated annual cost of living amount for a variety of countries, together with the average international students annual tuition fees for those countries. This cost of living accounts for accommodation, bills, equipment and books, food, socialising and local travel, not including flights and luxuries.
Importance Of Higher Education
A university degree is simply a necessary requirement when applying for a good job in order to be on par with the competition this day and age. Higher education is considered to be the right tool for students to meet future challenges both in their lives and their chosen profession.
Employment figures and analysis of earning both prove that those having attained higher education qualifications go on to be more successful individuals, as seen in the charts below.
Expat Savings Plans For Children’s Education
An offshore savings plan is flexible and portable, therefore you can adjust the amount you save according to your ever changing financial circumstances
Once the investment plan is initially started overseas as an expatriate you can take your savings plan with you wherever you live in the world, whomever you are employed by.
This can be a very tax efficient method of saving, as the Isle of Man does not tax your investment portfolio at source.
To find out more about how best to plan for and meet the costs of your childrens’ education, please submit an enquiry today.
Insuring Your Children’s Education Fund
You might want to consider safeguarding your investment should anything happen to you and you become unable to meet your financial obligations.
Adding life cover or critical illness cover to your plan should allow your children to complete their education, even if your are not able to be there to share in their success.
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