Education planning is the process of understanding your children’s specific educational needs from a cost perspective and then making provision to ensure that you have funds to pay for that education.
Education planning tends to focus on saving enough money to provide for education, but may extend to ensuring that you have funds to educate your children should you die prematurely or become disabled.
As a parent, it’s natural to have expectations of your children. You spend a large part of your life nurturing and guiding them, teaching them your values and principles. You want them to grow up to be well-rounded individuals … to achieve happiness and to succeed in life.
In turn, your children have expectations of you. They not only expect your unconditional love and support, they also expect you to make provision for their future … to make sure that their chance of a successful tomorrow will not be at risk if anything happens to you. And their best hope of achieving their dreams is by enjoying the benefits of a good education.
Take a look at some frightening statistics:
Educating a child requires a financial commitment of 12 to 18 years
Tuition fees for a standard-priced government school and a basic undergraduate degree currently cost anything from R200 000 upwards per child
Over the past five years, education costs in South Africa, especially in private schools, have increased by around 4% above inflation each year – and then increases have been volatile.
Let AMBITON help you provide only the best for your children.