Were you able to tune in online and join the conversation? We’ve got a summary of the insightful findings and hot topics discussed at this Old Mutual event, which was powered by TRUELOVE Edu.
Re-imagine the Future: Planning for our Children and Future Uncertainties
The World Economic Forum says 65% of children starting primary school next year will end up working in completely new job types that don’t exist yet. While preparing your child for an unknown future may seem like an impossible task, saving for their education is something you can do now.
“In the last year, most parents have felt the pressure of the pandemic on their finances, forcing them to rethink savings. It’s important that parents keep education savings at the top of the list to secure brighter futures for their children,” says Karabo Ramookho, Marketing Manager at Old Mutual.
Key points she highlighted at the recent Old Mutual webinar included:
1. The Old Mutual Savings and Investment Monitor (OMSIM) 2020 revealed that 42% of respondents are highly stressed about money and 12% have had to move their children to less expensive schools.
2. The average cost of public primary school is R21 200 a year, while private schools cost R61 900 per year.
3. The first step towards successfully securing your child’s future is getting your budget right, so that you can save. You can use a budget calculator from the Old Mutual website or the 22seven app.
4. You can set up an education savings plan with either monthly, lump sum or annual payments to suit your pocket and to ensure you are regularly saving. Some saving plans offer the flexibility to change your contribution or stop payments without any penalties.
5. Premium protection, at a low monthly cost, offers the peace of mind that if you become disabled, are retrenched or die, the premiums towards your child’s education savings will continue to be paid. For example, premium protection on an investment plan of R1 000 a month, will cost you only R85 a month.
“Your child’s future is in your hands – the small steps you take today, will set your child apart in the future,” Ramookho concludes.
Secure your family’s future today by contacting an Old Mutual financial adviser here.
To access Old Mutual’s Education calculator, click here.
Old Mutual Life Assurance Company (SA) Limited is a licensed FSP and Life Insurer.
