If you’re one of the hundreds of thousands of Australian women destined to give birth in 2016 – congratulations! This year, you’ll be all about feeding, nappies and sleep. But the latest figures on just how much it’s going to cost to educate your new child may slightly deflate your baby bubble. To educate a child born in 2016 will cost somewhere between $43,000 and over $550,000¹. If you’ve had twins – you may be looking at million dollar babies! You might be surprised at which cities and regions are the most expensive to school your kids.
If your child has just started school, you’ll already have felt the financial pinch that comes with education: the books, uniform, shoes, excursion and school fees. And while the notion of a free education through the public system is nice, there are still voluntary financial contributions and optional extra items. ASG’s latest research has revealed that educating children in the public system still costs parents in Australia an average of $66,862, from pre-school through to the end of high school.
If you intend to send your children to a private school, you’ll be forking out an average of $468,397 between pre-school and the end of high school. And across Australia, the figures fluctuate.
Where are the most expensive places to educate children in Australia?
Sydneysiders – you’re in for a shock. The forecast cost to privately educate your child born this year, is $552,351 – Sydney is far and away the most expensive Australian city in which to send your child to private school. The Harbour City is followed by Melbourne, where parents will be tipping an estimated $512,283 into their child’s private schooling.
But Melbourne takes the cake for the most expensive city in Australia to educate your child in a government school. It’s projected that a child born in 2016 will face a $75,193 government education bill. Regional Victoria holds the crown for the priciest region to publicly educate a 2016-born child – forecast to cost more than $53,000.
Where are the most affordable places to educate a child in Australia?
Brisbane comes up trumps as the most affordable city to privately educate a child in the future, at an estimated cost of $360,044. Regional South Australia is forecast as the most affordable region for private schooling, at about $287,000.
The figures reveal regional Western Australia is the most affordable region for government education, at a cost of $43,594.
How can you afford to educate your child?
So what does all this mean? If you’re having, or have already had a baby this year, it means you should consider taking control of your child’s education. And one of the best ways to invest in their future is to save for their schooling.
ASG offers education funds to help you invest in your child’s education from as little as $2 a day². With more than 40 years’ experience, ASG has tailored a range of flexible and tax-effective funds, that work towards giving your children a solid education, and giving you peace of mind. It’s a member owned organisation, so the profits are reinvested to benefit members – not returned to shareholders as dividends.
The programs are designed to help support parents, so that your children’s journey through the education system is smooth and stress-free. If you’re interested in seeing how much your child’s education is likely to cost, ASG has a handy cost calculator to help you get your figures right.
For more information on education investment plans, head to ASG.
¹2016 ASG Planning for Education Index.
²Depending on your chosen fund and child’s age.
(This is a sponsored post for ASG)