The Children’s Mutual has launched an online tool to help parents calculate how much they need to save for their young children’s future.
Statistics published by the child trust fund (CTF) provider reveal the cost of university for this year’s A-level students could be as much as £25 billion – £3 billion more than last year.
So it has developed the online calculator in order to help parents plan more effectively how much they need to put aside to help pay for their child’s key milestones, including higher education.
David White, chief executive of The Children’s Mutual, said from 2020 all 18-year-olds will have access to their maturing CTF.
This money, he said, could make a real difference to both future university students and their parents, who today are often forced to dip into savings or remortgage their house to pay for their child’s education.
Mr White added: “Those who save £24 per month, the average amount amongst The Children’s Mutual customers, could have a fund worth £9,750 when they reach 18.
“We are urging parents of CTF-eligible children to consider saving for their children’s futures now so they don’t miss out.”
The calculator is available here.
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