Thursday, January 4, 2007
Category:
Home Improvements
In 2006, The Children’s Mutual looked at the true cost of how much tuition would cost to gain qualifications in five professions; doctor, architect, solicitor, engineer, and nurse.
The Children’s Mutual is the UK’s only specialist in long-term savings for children. As a result of their research they are increasing the awareness of how families need to start saving early to help their children secure that dream job.
Research has found that the average cost of training for a profession through a three year vocational degree course today is around £32,000, this is inclusive of all tuition fees, accommodation, equipment, clothing, travel and books. The cost for the parents of would be doctors and architecture is even greater at around £70,000.
With a third of parents now expected to pay the full cost of their children’s tuition, the Children’s Mutual is encouraging those with young children to start saving now. If the CTF had existed 18 years ago, this would now pay out £47,000 if fully topped up.
David White, Chief Executive of The Children’s Mutual, said “Training to be a doctor, architect or lawyer will be the dream of many A-level graduates this summer, but while they set their heart on a career and focus on the exam results, the cost of training for that profession may require far more planning.
“Finding £100 a month may be out of the reach of many parents with young children, but by saving a little regularly, and asking grandparents, godparents and the wider family to help, it could make all the difference when the child reaches 18. For those whose children aspire to be doctors or architects, having savings plans in addition to the CTF will be key if families want to foot the full cost of their child’s training.
“When a child sets their heart on a career, most parents will not think twice about supporting them. However when the bills start rolling in they could be in for a shock. By saving regularly over the long term, parents and other family members could help provide a child with a financial springboard into chosen career and the chance to focus on job prospects rather than worrying about debt.”
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Parents who have found that they have not been able to save for their children’s future whilst their offspring are growing up, may find that a secured loan could be one option to provide them with the extra cash needed to fund higher education. Secured loans of up to £100,000 are available to homeowners from a number of lenders. In addition to funding their children’s further education, homeowners could also consider a secured loan to make the home improvements they’ve been waiting to do once their offspring fly the nest.
