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Secure a child's future by saving for their education
Secure a child's future by saving for their education
Staff writer
Posted 06/12/2023 Updated 12/12/2023 2 mins
Start planning for a child’s education in the new year.
At this time of year, most parents (and indeed many grandparents and extended family who often help pay for education), start thinking about the upcoming education costs, be it fees for school, university or any other education-related costs. Usually, these fees must be paid early in the new year. If this is not a concern in your household, we hope that the tips in this article are helpful for someone you know.
The gift of education goes way beyond short-term financial stability.
While financial stability shields a household from economic uncertainty, many families struggle to provide quality education for their children due to the ever-increasing school expenses. It is never too soon to start saving for education, whether you are still planning on having children or already have some or other minor dependents.
The transformative impact of investing in education.
- Investing in human capital: Education is an unparalleled investment in human capital. By providing a child with the tools to learn, grow and contribute meaningfully to society, you contribute to the development of future leaders, innovators, and problem solvers.
- Breaking generational cycles: Education has the power to break the chains of generational poverty and open doors to opportunities that were previously inaccessible. Offering the gift of education creates a positive ripple effect that extends beyond the individual child – it impacts families and communities.
Practical steps for long-term savings growth.
1. Start early to reap long-term benefits: To get the best out of compound interest, even a modest regular contribution over time can accumulate into a significant educational fund.
2. Diversified investment approaches: Explore various savings options, including unit trusts, tax-free savings accounts and education plans. A diversified underlying investment portfolio is also an integral part of our investment philosophy because it reduces risk and ensures resilience in the face of changing economic landscapes.
3. Collaborate with others: Encourage family and friends to join in the effort. By pooling resources, you amplify the impact of the savings pool and possibly even encourage an educational gift as a norm.
Expert advice on education planning.
For those navigating the complexities of investment planning for a child’s education, seeking expert advice ensures a tailored approach. Financial planners can assess unique situations, discuss potential educational funding needs, and provide personalised financial guidance.
Your ability to impact lives goes beyond financial transactions.
By gifting the transformative power of education, you lay the foundation for a child's success, resilience and empowerment. In a world where material possessions fade, the gift of education endures as a beacon of hope and opportunity.
We encourage you to leave a legacy in the life of a child by saving for their education and by teaching them about the power of financial literacy and long-term savings.
Want to know more? Here’s what to do:
- Contact your wealth manager.
- Or, if you’re not a client yet and want to find out more about how we can help you, we would love to hear from you. Contact us on 0800 111 263 or complete an online contact form.
- Find out more about our advice and ways to invest and grow your wealth so that you can give a child the education they deserve.