Education savings plans

14 Aug 2019

Education costs across the globe have been on the rise for years, and this trend is not set to shift any time soon. However, the significance of education has not diminished in the slightest.

University and private school fees are expensive and saving for this is the primary goal of an education savings plan
For many expats living abroad, education for their children are government-funded and free of charge. English might not be the primary tuition language and facilities are not always up to international standards.

The only other option is to make use of private international schools that have UK, AUS, or US-based English tuition. Private school fees are generally costly and not everyone can afford them. 

Also, by being overseas, your children may no longer qualify for university tuition or subsidies in your home country and could be considered international students. This might result in more expensive university fees.

Average fees of private schools and universities

Brent International School Manila
High school £7 318 p.a.
Universities in Philippines
Engineering degree £3 544 p.a.
Australia International school - Hong Kong
High school £18 000 p.a.
Universities in Hong Kong
Bachelor’s degree £16 800 p.a.
St Benedict’s School London
High school £ 16 845 p.a.
Universities in London
Bachelor’s degree up to £ 16 000 p.a.
American School of Dubai
High school £17 000 p.a.
Universities in Dubai
Bachelor’s degree £40 000 p.a.
International school - Paris
High school £29 700 p.a.
 
Universities in Paris
Bachelor’s degree £22 000 p.a.
Barker Private school - Sydney
High school £18 000 p.a
Universities in Australia 
£13 500 for a bachelor’s degree p.a.
 
International School Bangkok
High school £26 000 p.a.
Universities in Bangkok
Bachelor’s degree £6 228 p.a.
 

Remember that there are costs other than just tuition fees that need to be considered. 

Costs could include:

  • Tuition fees
  • Admin/registration fees
  • Textbooks
  • Stationary
  • Accommodation and living expenses
  • Equipment
  • Membership to societies or sports clubs

Average living expenses in cities per month#

Sydney 
AUD 1 900 
Auckland 
NZ$ 2 000
Paris 
€ 1 100 
Hong Kong 
HK$ 3 000
Dubai 
£ 2 000
Manilla 
$ 1 100
London
£ 1 265

You also need to take into consideration that costs could double if you have two or more children.

The more affluent individuals should not be quick to judge saving for education fees. Expat packages abroad are usually very generous, but private school and university fees could eat up disposable income every month and leave very little left for savings or luxuries.
Contributing to an Education Savings Plan when your children are still infants, could help cover these private school and university fees whilst you are abroad.

“An investment in knowledge pays the best interest.” –  Benjamin Franklin

https://www.which.co.uk/news/2019/07/parents-skipping-holidays-to-support-their-child-at-uni/?utm_medium=Email&utm_source=ExactTarget&utm_campaign=3814339-M_MW_EM_220719_NL

deVere Acuma Education Savings Plans

Through cautious financial planning, time management as well as dependable financial advice, arrangements can be made that will not consume all your disposable income but, will give you the peace of mind you want for the future of your children.

The earlier you start saving, the more your savings will grow, and you can guarantee your children the best gift you could ever give them, an education, whether it covers private tuition or university education.

Speak to your deVere Acuma adviser today to assist in finding the right Education Savings Plan that suits your situation. [email protected]