This is a discussion on Planning for your child's education within the Financial Asessment and Planning forum, part of the Home Planning Forum category; Dear proud mummies and daddies, there are few guarantees in life, paying taxes is one of them. Here is another, ...
Dear proud mummies and daddies,
there are few guarantees in life, paying taxes is one of them. Here is another, Children's education. So since it's a certain event, dont't you agree we should plan well for it?
As a parent, you certainly want the best for your child. And that includes giving your child a bright future with the best university education you can afford.
But did you know your child's university education could cost over S$500,000 in 20 years' time?
For most parents, the escalating cost of higher education may come as a rude shock. Whilst a local university education is projected to cost well over S$100,000, a degree course in the USA could cost a staggering S$352,738 by 2025.
Although many education experts stress that our children will need a higher level of education to compete in the global economy and ensure job success, the fact is the alarming cost of education could be a painful drain on family finances - or even worse - saddle a young person with crippling debt.
That's why it is crucial to start saving for your child early - ideally from the time your child is born.
Click here to download the research paper on the future cost of university education in Singapore and overseas.