Have you weighed up the costs of your child heading to University?
A three-year University course in the UK can set you back up to £27,7501. Some courses can even be four or five years depending on your chosen subject.
Cost of tuition excludes living expenses, which may include accommodation and travel, textbooks and course materials, a laptop, printing and photocopying expenses, graduation attire and membership to the University clubs and societies.
Annual living costs for a 39-week student year total around £14,3552, of course this does not consider rail fares if your child chooses a University further from home.
In the UK, the average 2020 graduate starting salary is estimated to be £22,2003. Whether your child chooses to move back home or flee the nest can have a great impact on their living expenses and savings going forwards.
It can be difficult saving to buy your first home whilst balancing the repayment of student loans. Many adults aim for a 20% deposit before taking out a mortgage, however some lenders may allow you to borrow with as little as a 5% deposit.
With various costs of adulthood in mind, it is important to start saving early for your children’s future. Our Financial Advisers are here to help you plan for both you and your children’s future, in a way which works for everyone.
If you’d like discuss your options when planning for your family’s future, contact us today for advice, on 01332 497670, or email us at firstname.lastname@example.org.
The value of an investment with St. James’s Place will be directly linked to the performance of the funds selected and the value may fall as well as rise. You may get back less than the amount invested.