Image
Icon

Directory

IconAccounting & Tax
IconActuaries
IconAdministrators
IconAppraisers & Valuers
IconArbitration Services
IconASIB
IconAssessors & Loss Adjusters
IconAssist and Lifestyle Benefits
IconAssociations & Institutes
IconAuditors
IconBBBEE Consulting and Verification Agencies
IconBroker Acquisition Financing
IconBrokers for Brokers
IconBusiness Process Management
IconBusiness Process Outsourcing
IconCall Centre Outsourcing & Sales
IconCompany Secretarial Services
IconCompliance
IconConsumer Protection
IconCorporate Governance
IconCredit Bureaus
IconDebit Order Collection Facilities
IconDefensive Driver Training
IconEducation and Training
IconEmergency Medical Rescue
IconFAIS
IconFire, Storm, Flood Damage Specialists
IconForensic Investigation Services
IconHuman Resources
IconIndustrial Cleaners
IconInformation Technology and Software Partners
IconInsurance Companies
IconLegal
IconLightning Damage & Surge Protection Specialists
IconNiche Insurance Products
IconOmbud
IconOutbound Sales
IconOutsourcing Companies
IconPolicy Administration
IconPremium Financing
IconPublic Loss Adjustors
IconPublications
IconRating Agencies
IconReference Books & Material
IconRegulatory Authorities
IconRisk Finance
IconRisk Management
IconRisk Surveyors
IconSalvage Operators
IconSpecialized Claims Investigations & Assessing
IconSurveys and Research
IconTraining Courses & Workshops
IconUnderwriting Managers
IconVehicle Accident Management
IconVehicle and Household Risk Inspection Services
IconVehicle Tracking
IconWellness Programs
IconWholesale Brokers
IconZZZZZZ
Image
  Subscribe To »

Planning for your child’s education in 2021 – is it really worth it?

Published

2021

Wed

10

Feb

With schools opening and closing throughout last year and the opening of schools delayed to 15 February this year, it is difficult for parents to plan and make decisions regarding the future of their children’s education. Some parents might consider home schooling as an affordable, perhaps more safe or convenient option, while others feel it is better for their child to repeat last year’s grade. In addition, tertiary education is expensive; according to Old Mutual a BCom degree cost as much as R 76 300 per year in 2018/19 at the University of Stellenbosch. What to do from a financial planning point of view? Charles Makondo, National Sales Manager at Iemas Insurance Brokers answers a few questions about investing in your child’s education and why it is so important.

 

Should parents still invest in their children’s tertiary education?

Yes most definitely. As the saying goes, “this too shall pass”. Not saving for your children’s tertiary education will do more harm than good in the long run. While it might be tempting to do so to save money, it will make it difficult for you to ‘catch up’ on saving. My advice is keep saving for their tertiary education even if you decide on cheaper online high school or tertiary education, the return on their earnings potential will be worth it in the long run.

 

Is this financially possible during these uncertain times?

If your financial situation changed and it is difficult for you to save for their tertiary education, then you will have to consider alternatives without compromising their education. One option is to cut school fees by moving them to a more affordable school, online schooling or to home school your children. There are many savings and educational plans available - even from as little as R 250 a month; you can afford to save for your child’s tertiary education or you can also opt for a tax free investment.

 

What if I lost my job and cannot save for my child’s education anymore?

Fortunately, education is an ongoing journey. If you cannot send your child to university or college straight after matric, then they can always take a gap year and even get a job to save up for their tertiary education or study part-time. There are also various loan products and bursaries available – speak to your financial service provider about study loans and contact the tertiary institution your child wants to enrol at regarding bursaries.

 

What else can parents do to support their children?

Apart from planning financially for your child’s future, it is important to also provide them with emotional support. It is as hard for them (or perhaps even harder) to adapt to the uncertainties and ‘new normal’ that we are currently facing. Make sure that you create a routine for a sense of stability and security and also remember to have fun and make the most of their childhood. You can also make use of counselling support that is free of charge. Iemas, in partnership with Global Choices, offer counselling and support services at no cost to Iemas members. Call Global Choices on 0861 887 887 Monday to Friday between 07:00 and 21:00.

 

 
Source: Iemas Insurance Brokers
 
« Back to previous page Print this page » |
 

Breaking News »

To insure or self-insure? A conundrum for fleet operators

Johannesburg, 4 March21: Fleet insurance is essential for businesses with vehicle fleets and drivers. With proper management and meticulousness, fleet managers can reduce insurance costs, improve the safety of ...
Read More »

  

Allianz Global Corporate & Specialty Partners with Google Cloud and Munich Re to Provide Cyber Risk Management Solution for Cloud Customers

Johannesburg/London/Munich/New York/Paris/Sao Paulo/Singapore - March 2, 2021 – Allianz Global Corporate & Specialty (AGCS), the corporate insurer of Allianz SE, and Munich Re have jointly developed a ...
Read More »

  

Thierry Portevin to lead global risk consulting unit at Allianz Global Corporate & Specialty

Previously Global Head of Property at AGCS, Portevin is appointed Global Head of Risk Consulting, leading a global team of 280 employees globally AGCS’s Chief Underwriting Office Property under interim ...
Read More »

  

Genasys provides the tech fuel powering the latest partnership for insurtech MGA Equipsme

Simply Business recently announced its partnership with UK insurtech MGA Equipsme to allow its customers to directly purchase health insurance plans online for the first time. Having been the tech engine fuelling ...
Read More »

 

More News »

Image

Healthcare »

Image

Investment »

Image

Life »

Image

Retirement »

Image
Image
Image
Image
Image
Image
Image
Image
Image
Image
Image
Image

From The Glossary »

Icon

Additional Interest:

An entity in addition to the named insured, who, having an interest in the subject matter of the insurance, is entitled to protection under a policy either by virtue of the wording of the basic policy or because the policy has been altered to protect that interest.
More Definitions »

 

Advertise

 

eZine

 

Contact IG

 

Media Pack

 

RSS Feeds

By using this website you agree to the Terms of Use.
Copyright © Insurance Gateway (Pty) Ltd 2004 - 2021. All Rights Reserved.