As parents in this ever-shrinking world, one thing’s for sure; gone are the days of dropping our kids off at the local train station – lunch-box packed and text books purchased – and waving them off on route to the local university, only to see them return the following weekend with a bag full of laundry and a ravenous appetite.
In these times of international schools and international outlooks we must prepare for the reality of global education. For them it’s wondrous and the opportunities are boundless. Such is the unfettered growth and credibility of the International Baccalaureate we are now faced with the modern day student. The open-minded risk taker, the principled inquirer, ready for anything and ready for anywhere. No longer are they choosing which course, but which country1.
So what does our role as proud parents look like? How do we help shape the next generation? When do we start to think about all this? I would argue it’s never too early to plan. After all, I have yet to receive complaints from clients who have saved too much for their children’s future!
International-mindedness is a blessing, but it comes at a price. There’s no doubt its money well spent, who wouldn’t want their child travelling the world, immersing themselves in a heady cocktail of culture and education, trampling down barriers and opening up a world they will help run one day?
Preparation is the key and the best approach to managing your child’s education is to work with your Financial Planner to create a bespoke plan for you and your family. Make sure it factors in your objectives, your budgets and your time frames. Below, I have demonstrated some ranges in costs and the differences in saving requirements, based on the timescales you have left before your child commences higher education.
For further information please book a review meeting with your AAM Financial Planner. If you do not have a financial planner yet and require assistance, click here to request your free consultation.
By Tanya Maher
Senior Vice President – Wealth and Protection
AAM Advisory Pte Ltd
The Telegraph “A-Levels should be axed in favour of a new baccalaureate.” (27th January 2014)
Exchange rates used as of the 4/8/2016: GBP £ 1 : S$ 1.7927, USD $ 1 : S$ 1.3422, AUD $ 1 : S$ 1.01859
Australian university fees are based on University of Western Australia – Commerce program. According to the official website, the annual fees for international students are quoted at AU$34,000 p.a
Singapore university fees are based on Singapore Management University – Business Management program. According to the official website, the annual fees for international students are quoted at S$42,970 p.a
United Kingdom university fees are based on University of Manchester – Business Studies program. According to the official website, the annual fees for international students are quoted at GBP20,000 p.a
United States university fees are based on University of Chicago – Economics program. According to the official website, the annual fees for international students are quoted at US$50,997 p.a
The above figures assume a rate of inflation of 5% p.a
The rate of returns are for illustration purpose only but not guaranteed
None of the figures above factor in the cost of living for students whilst at university. If you wish to find out the average cost of living in the relevant countries, please note the following websites for your reference:
United Kingdom: http://www.manchester.ac.uk/study/experience/student-life/living-costs/
United States of America: http://financialaid.uchicago.edu/prospective-students/costs
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