Rising Cost of Education

With rising inflation, you may notice that the cost of education is rapidly increasing. Along with more choices in education and advancements in technology, and growing emphasis on children being all-rounders, you need to save for education-related expenses. In such times, relying solely on your monthly salary to cover school or college fees can be a financial strain. Instead, careful and timely planning and saving with child education plans can help manage these rising costs effectively.

Future Employment Landscape Uncertainties

The future job market is becoming increasingly unpredictable due to evolving trends and new age career paths. Your child may want to pursue career paths like influencer, graphic designer, data scientist, and more. Child education plans can help you cover the extra costs involved in equipping your children for the future.

Avoiding Educational Debt

Many turn to debt to cover education expenses. While an education loan can cover these costs, it often comes with an interest rate which can be high. Your child is burdened with repaying the loan as soon as they start earning. Child education plans allow you to build savings slowly but steadily. This helps you secure your child’s future financially.

Steps to Invest in a Child Education Plan

Here are some steps to consider when investing in a child education plan:

• Determine the time horizon:

  Plan according to when your child will need the money, depending on their age and future goals

• Account for inflation:

  Education costs are rising over time, so factor in inflation when calculating the amount needed

• Research suitable plans:

  Look for child education plans that offer the right features, such as flexibility in paying premiums and receiving payouts, good returns and other benefits

• Start early:

  The right time to start preparing for your child’s future is as soon as they are born. However, it is never too late to start. The sooner you invest, the more your money can grow with the power of compounding. This helps you to save more for your child’s education

COMP/DOC/Jan/2025/21/8040