A survey carried out by HSBC found that parents in Singapore spend a total of about S$97,000 on each child’s education. However, the results also indicate that a staggering 74 % of the respondents rely on their current income to support their child’s education; many don’t have the savings they need for education expenses.
To make sure you have enough money to fund their dreams, it is essential to start early and harness the magic of compounding interest. Use education planning as part of your Life Plan to help your children reach their potential and reduce the strain on family finances.
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