You cannot put a dollar sign on the cost of a child’s future but calculating the cost of their education can help draw a close estimate. Understanding and preparing for the cost of education can make a big difference to the opportunities you can provide your child.
For instance, the most prevalent barrier to parents’ choice of high schools for their child is cost. Once enrolled, the cost of schooling represents a substantial household expense.
The Futurity Investment Group Planning For Education Index 2021* shows that, depending on a few factors, such as the type of school a child attends, the cost of education could vary from $66,603 to $340,882 for a child starting school in 2021.
You can find the cost of your child’s education using the Futurity Cost of Education Calculator.
The hidden cost of education
Regardless of school type, the cost of education includes more than just fees and parent contributions. Many times, this comes as a “cost shock” for families entering the public schooling system for the first time.
The annual cost of schooling changes over the course of a 13-year school period. Secondary school fees are generally higher than for primary.
And spending on older children for school camps and items such as sports equipment and musical instruments tends to increase for many.
Confidence starts with preparation
The best way to take control of your child’s future is to plan and save to meet future education costs, and the first step is to create a personalised view of the true cost of your child’s education.
Use Futurity’s Cost of Education calculator to find the real cost of your child’s education now. The calculator offers you the flexibility to save your child’s education cost estimate, share it with your partner and even update it later.
About the research quoted *The Futurity Investment Group Planning for Education Index is based on data sourced from a survey of 1,800 members on ancillary costs and public information on school fees, including the My School website. The data was also consolidated and analysed by Monash University. Further information about the research methodology, assumptions, and results can be accessed here.
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