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Today’s children will need higher levels of training and education to secure employment in a world that is becoming increasingly competitive and technology driven. Obtaining a post-secondary education to meet these demands is also becoming more expensive as governments continue to cut spending to reduce deficits and balance budgets.
The current cost for four years of university education is approximately $60,000. This includes tuition rent, food, books and additional fees. In eighteen years, the total cost of a four-year university education will be $105,000, assuming costs increase by 3% per year.
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The earlier you start saving, the larger your education savings nest egg will be thanks to the magic of compounding. But delaying even a year or two can affect the total amount you can save. Learn more about the why saving early can make a significant difference.