Saving for your child’s education should start at birth

When you welcome a new baby into the world, the last thing on your mind is the day they leave the nest and head off to university. Sooner than later, however, you will have to give this serious thought, because education is a costly business and, requires longterm saving. the annual increase in the cost of education is often higher than inflation, making it essential that you find the right savings platform. According to the inflation figures released by Statistics South Africa in April 2021, education inflation recorded its lowest annual rate in 30 years. It increased by 4.1% in 2021 versus

6.4% in 2020, with tertiary education rising by 5.1%. This was largely because schools tried to help families survive the economic devastation caused by the Covid-19 pandemic. However, education is expensive and historically has a higher-than-average inflation rate. In January, Sanlam said it will cost over

R1m for your child’s primary school, secondary school and tertiary education. this amounts to R30 000 to R60 000 for public schools, R100 000 to R200 000 a year for private schools, and R30 000 to R75 000 a year for tertiary education. According to Old Mutual’s 2019 calculations, it cost R37 000 a year for public primary and high schools,

R92 400 a year for a private primary school, R148 300 for a private high school and, on average, R64 200 a year for university education. Remember, life cover can help fund education in the case of