How much will your child’s education cost?

For most parents, their children’s education is a top financial priority. But it can be expensive – especially as more and more parents are opting to pay for private schooling in spite of tough economic conditions.

Many parents start saving or investing from their child’s birth for future education costs. But how much can you expect to spend overall on your child’s education?

Costs include more than just school fees

It’s important not only to consider school fees when thinking about your childcare expenses, but also to take into account funding for;

• Extramurals
• Uniforms
• Stationery
• Books
• Transport
• Meals and other expenses

Taking inflation into consideration

Another important factor to consider is education inflation.

On average, increases in education costs tend to be about two percent higher every year than consumer inflation. And there is often a significant increase in costs - up to double – when your child makes the transition from high school to tertiary education.

Finally, even if you have access to the funds needed for your child’s education, it’s also important to check that you’ve got the necessary life insurance cover to protect your child’s education in case something happens to you. The serious illness, injury or death of the fee-paying parent or caregiver could threaten your family’s continued access to quality education.

Speak to your financial adviser if you need advice on financial planning for your child’s future.

How much will you need?

The infographic below, provided by Brightrock, shows the total amount needed, in today’s money, to fund your child’s education throughout their school career until the age of 24, when your child will likely have graduated from a tertiary institution and started working. It takes into account anticipated inflation in education costs, as well as the significant cost increase at tertiary level.

About BrightRock: BrightRock (Pty) Ltd was started in 2011 to offer truly individualised life insurance cover that’s built around your specific needs, at the outset, and changes with you as your life changes.

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