If you are a parent or a parent-to-be, you might have read about $1 billion spent on tuition in one year in Singapore now. Education is expensive in Singapore but not having it can be more expensive. The question is how much is require for your child’s education in future? Are you surprise to know that a child entering university in Singapore may cost close to S$120,000? And if the plan is a university in UK, it may cost about S$1 million? A university education in USA may be slightly cheaper at S$940,000.
Some factors to consider when we plan for education funding are
- When is the child entering university?
- Where do you prefer the child to study?
- What will be the course the child is likely to do?
It is not difficult to do a calculator but some information such as the inflation for education cost or the inflation cost of living expenses may not be made easily available especially if your intention is for an oversea university.
So, thumbs up to AXA Life Insurance to create this simple calculator for education funding to help you have a better picture of the amount require.
Click below for the link to the education calculator.
Do note that these are estimation and do speak to your financial advisor for the possible solutions.