This year we will see hundreds of thousands of babies welcomed into the world by very excited, slightly anxious new mums and dads. Before long life will revolve around feeding, sleep, nappies and baby products, leaving very little time to even think about anything else.
As exciting as becoming a new parent is, there is a lot of planning involved and often things can be overlooked. One common oversight, especially in the early years, is your child’s education and the financial burden this may bring to your family.
But, with recent statistics stating that it will cost somewhere between $43,000 in regional Western Australia and over $550,00 in Sydney to educate a child born in 2016, it may be something you want to start thinking about!
As you would probably know, sending your child through the private system is going to be much more costly than opting for a public school. If you are looking at sending your children to a private school you can expect to pay an average of up to $468, 397 for the entire journey from pre-school through to the end of high school. That’s almost one million dollars if you have two kids!
As for the government system, despite a widely common misconception that you receive a free education, recent research by ASG has revealed that sending your child to a public school will still set you back an average of up to $66,862 for the entirety of your child’s schooling.
While all of this may seem a bit overwhelming, it’s a reality that parents need to come to terms with and the sooner they start thinking about it, the easier it will be in the future. It is never too early to start investing in your child’s future and one of the best ways to do this is to start saving now.
The Australian Scholarships Group, or ASG, is a member owned organisation which supports parents to invest in their children’s educational journey. Offering a simple and effective approach to prepare for the costs of your child’s education, ASG has a range of flexible and tax-effective funds that can see you invest from as little as $2 a day.
Kim and Christine White, ASG members and parents of four (Carlin, Zoe, Amelia and Bianca), decided to invest in the organisation when their oldest child, Carlin was young.
“An accountant tried to persuade us not to invest in this scheme as there are more effective ways to save for our child's education” Christine says.
“If it were up to us to consciously put money aside every month we would not do it as there are always other things that seem more important at the time and you think you will catch up with that saving later”.
Today, Carlin, now 26, is a GP, having studied medicine at University. Zoe, 22 completed a Science Degree and is now undertaking her Masters in Teaching and Amelia, 21 is in her last year studying a Masters of Dietectics. Bianca, 15 is currently in year 10 and hopes to go on to study physiotherapy.
Although her eldest three children would have followed the same career paths regardless of help from ASG, Christine says the support they received was extremely beneficial, not just financially but also in helping her children learn the importance of education.
“One thing that can't be measured is how much having the ASG scholarship for tertiary education influences our children to pursue a tertiary education” she says.
They know money has been put aside for their tertiary education and so it is an expectation they will go to university. Having as ASG scholarship has reinforced in our children's minds the importance of education - we don't save for anything else!”.
If you are curious as to how much your child’s education could potentially cost you, make sure you have a look at the ASG cost calculator which will help you get your figures right.
For more information on the ASG education investment plans head to ASG.