"Get the latest tips about how to manage you wealth"


Have You Saved Enough For Education Fees?

As a parent, naturally, you will want the best for your children and that certainly stands true for their education. A good education will set them off on the right path in life and it can help them to create their own career. However, higher education can prove costly and it is common for many students to get into debt while studying but as a parent, you can help them.

University student’s are actually accruing around £51,000 of debt on average, an alarming rate that doesn’t set them up in the right way. With this in mind, around 40% of parents are now saving towards the cost of sending their children to university. In fact, there are some who are even saving before they have had children, proving that some prior planning is needed in some cases. For those who have been saving, a large portion of them have been putting their funding into an ordinary savings account and that means that they are not enabling their money to work hard for them.

While you can choose to put your savings into a savings account with high interest, it is possible to use your pension if you choose to do so. If you have a pension in the UK, then the recent pension freedoms that have been put in place make it possible for you to use your pension. This enables you to take a lump sum that can be used to cover the fees and other costs when you turn 55. This does offer a tax-efficient way of putting money away for the future of your children but also your own. However, opting to do this does require careful planning and the right advice because you need to make sure that you have enough money for your retirement before choose to pay for your child’s education.


This feasible option is one that can work but you will need to consider all options. When you have worked hard all your life to build up a pension, you need to make sure that you don’t risk losing that just by choosing to use it to pay for your child’s education.

As a parent, you want to make things as easy as possible for your child and the last thing you want is to see them build up large amounts of debt but you also need to make sure that you don’t sell yourself short at the same time.


Lewis Samuel / CI-ASSOCIATES


"You can send us an email or communicate directly with any of our offices”

Contact Form

  • Argentina
    Ing. Butty 240, Piso 5,
    Buenos Aires,
    1001, Argentina
    Tel: (54) 11 4850 1387
    Fax (54) 11 4850 1201
  • Brasil
    Ed. New Century
    Rua Leopoldo Couto de Magalhães Jr., 758
    11th Floor, Itaim Bibi
    São Paulo
    Tel: +55 (11) 2505-9269
  • Chile
    Caledonian House
    Golda Meir 79,
    Las Condes, Santiago de Chile
    Tel: (+56) 2 2481 7220
  • Colombia
    Carrera 18 No. 86A – 14
    Bogotá, Colombia
    Of: (+57 1) 638 6023
    Tel: (+57 1) 616 3030
  • Peru
    Calle Martir Olaya 129
    Centro Empresarial José Pardo
    Tel: (+51) 920 169 656
    Piso 6, Torre 6, Centro Empresarial Real
  • Ecuador
    Edificio Vitra, Oficina 404, Piso 4,
    Av. República de El Salvador 35-60 y Portugal Quito, Ecuador
    Tel: (+593) 02 332 5870