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Independent Education In Britain, around 7%* of children are privately educated and school fees are of course, a major burden. Current costs are, on average, £6,177* a year per child - not an easy amount to find from the average household income. So, it makes sense to consider a savings
scheme and EMF will help you choose the best one to meet your family's needs. Alternatively, you might prefer your children to be educated by the State. However, if you were to find your child needed extra or special tuition, then this would also have to be paid for. For example, your child might be
exceptionally gifted and you might wish for him or her to receive special tuition in a
specific area. You'd want a first class teacher to allow your child to make the most of
his or her gift - an expense which would be far more affordable if you plan ahead now. Further and higher education also warrants consideration. Today, more parents are giving their children a private education at sixth form level (about 20%* of children still in the education system at this age are educated independently). Those who go to University must also find extra money. Just a few years ago, many students qualified for a grant which helped pay for a large part of their tuition and board. Nowadays, even if your income is fairly low, your child won't necessarily qualify for, or receive, a grant that will cover their needs. Student Loans are one way around this, but
are not ideal. Do you want your children to start work already in debt? Early planning can
make it unnecessary. EMF will explain which savings plans are most beneficial and will ensure you retain control over the money so that, if it weren't needed for your children's education, it could be used for something else. We will also review your situation at regular intervals, so we can let you know if an increase in payments or a switch to another scheme is advisable. Don't, whatever you do, think planning now is too early. Education is costly and the sooner you start saving the better. Knowledge is a wonderful gift for your child and a little thought today could mean a great deal to their quality of life in the future. * SOURCE: Independent Schools Information Service January 1998 EMF Financial Services is authorised and regulated by the Financial Services Authority. |
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| EMF and Independent Financial Advice | ||||
| The Cost and Benefits of Independent Financial Advice | ||||
| Financial Planning for Women | ||||
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| The Birth of Children | ||||
| Planning Your Children's Education | ||||
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