Matt

The Australian Scholarships Group (ASG) has revealed that parents of a child born in 2006 can expect to pay a minimum of $250,000 for their child’s lifetime education, yet three-quarters of Australians, with a child or grandchild under 10 years, fail to save for their child’s education costs.

“Most parents would be surprised that the total cost of educating a child born in 2006 equates to the cost of a modest outer suburban home,” says ASG’s Communities General Manager, Warwick James. “Just like they save for housing, health and retirement, parents also need to save for their child’s education, particularly if they intend to choose independent schooling options where the costs are even higher.”

Over the past 15 years, education costs have risen substantially. Information from the Australian Bureau of Statistics shows that the education fees component of the Consumer Price Index has been rising at almost two and a half times the costs of inflation. In 2006 some top private schools increased their secondary school fees by up to 25 per cent, while many tertiary institutions increased full-fee paying places at the expense of government-supported places.

“Although education costs can be confronting, parents who plan for the costs of their children’s education using a regular savings program early in their child’s life will have greater education choices, and be able to manage the costs without unduly stretching their family’s budget,” Mr James said.

ASG’s Projected Future Costs of Children’s Education figures (see table below) detail the life stage costs (in today’s currency) that parents can expect to pay for their children’s preschool, primary, secondary and tertiary schooling based on the school type choices of Government, Catholic or Independent streams. The figures are based on the real-life experiences of ASG member parents who kept diaries recording all the various fees, costs and ancillary expenses associated with their children’s schooling.

Education undoubtedly plays one of the most important factors in helping your child get ahead in life. It’s the passport that turns your child’s dreams into reality.

ASG helps parents make their children’s education more affordable. Savings plans start from as little as $11 per week with no lump sum payment required. Parents and relatives wishing to send their children to independent schools will need to contribute extra amounts to meet their education savings goals. In addition, ASG helps parents meet the increasing costs of education by incorporating an eight percent annual increase in education savings program contributions.

Join more than 300,000 parents who have planned ahead to provide for their children’s education. As a not-for-profit Friendly Society, ASG offers proven, convenient and tax effective education savings programs. To give your child a head start in life call 1800 648 945 or visit http://www.asg.com.au

Projected Future Costs of Children's Education

laceK

Well, almost a year late, but I don't care.. We are members as we thought it was a good idea.

Anyone else looked into it??