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How much do you think your child’s future will cost?

How much do you think your child’s future will cost?

Over the past few weeks, we’ve been writing a series of posts for the Teacher’s Pet Blog, based on the results of the savings survey we carried out with research specialist Opinion Matters earlier in the year.

Previously we discussed whether parents were saving for their children, if so how much they were saving and what they were saving for and if not, the reasons why they’re not. Our final post looks at how much parents anticipate their children’s futures to cost.

The costs of future living

Most of the parents we spoke to were in touch with the costs of sending their child to university, putting a deposit on a first house, travelling the world for one year and buying their first car. In each category, the most common answer was more than £5,000.

Preparing for their future

When asked how much they would contribute towards these things though, surprisingly the majority of parents answered nothing in every category.

These life events can seem like they’re a long way off but you’ll be surprised at how soon the time comes when you have to start paying for driving lessons and contributing to tuition fees.

But by putting aside some money now, you can start preparing for future costs. There are a number of different ways in which you can save for a child, either on the child’s behalf or in the child’s name.

If you’d like more information about Teachers Assurance, please visit https://www.teachersassurance.co.uk or call us on 0800 056 0563.

Author: Teachers Assurance

Understanding our customers’ financial needs is our business. When life is too busy and stressful to look beyond the here and now, Teachers Assurance helps customers to think ahead to what they could make from their money. It is our aim to help our customers think ahead, make plans and start saving regularly now for a brighter financial future.

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