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34
When in your opinion should parents start thinking about getting funds to
provide education for their kids?
YOU CAN AFFORD UNIVERSITY FOR YOUR KIDS
Getting a degree has never been so expensive. But whether you are planning
18 years or 18 months ahead, here’s how to fund it.
Baby Jude reaches from the high-chair to grab his mother’s finger. Looking
at him now it’s hard to imagine him going to a university in 18 years time.
“It’s a long way off,” says his mother Louisa Broad, a social worker from
London, “ but Jude will grow up in a higher education system very different
from the one I knew. I was lucky enough to get a grant, but he’ll have to pay
fees.” Jude’s father, life coach Nick Tyrrell, agrees, ”We know we should
start saving now.”
There is no doubt that university education is a great asset. Not only will
your children learn and grow but, according to Department for Education and
Skills figures, on average someone with higher education earns 50% more in
a lifetime than someone without.
But in the last ten years the cost of getting a degree has more than
doubled. And it looks as if things are only going to get worse. Maintenance
grants were abolished in 1997 and tuition fees introduced for students in
England, Wales and Northern Ireland. From 2006, the Government plans to
let universities “top up” their fees.
However, with sound planning you can provide your children with this
opportunity of a lifetime.
18 Years to go.
This is what you should do. If you’re a new parent, remember that the earlier
you start saving, the less you have to pay each month and the greater your
return. Money will give you flexibility about where your children study and
the course they choose. But how should you invest? There’s no simple
answer, though there’re a number of options.
The Children’s Mutual offers a package targeted at parents of young
children. The company is part of a “friendly society”, the Tunbridge Wells
Equitable, which means you can save up to 25 pounds a month tax-free.
“Relatives are often happy to contribute too, “says chief executive David
White, “as each adult can make use of the 25 pound tax-free allowance.”
But if you need to close a plan like this before maturity there will be
financial penalties. And even though the investments are held within your
child’s portfolio, each contributor retains the money in his or her name – and
remains free to spend it.
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