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Preparing for your child's education

Start planning today to give your children the best tools for future success

As parents, we all want to feel that we’re providing the best possible tools to allow our children to succeed. Living and working in Bermuda provides its own unique challenges in this regard, and we know how important it is to make a plan to cover the cost of delivering a first-class education both at home and abroad. 

In terms of early years’ education, an increasing number of Bermudian parents are choosing to send their children to private schools on the island. The tuition fees for these institutions can range from around $11,000 to upwards of $23,000 per year, a significant cost for any family.  

As we have no universities on the island, graduates who wish to pursue a higher education often travel abroad to continue their studies. Supporting your children during this time can incur even higher costs, particularly for the most prestigious universities in countries such as the USA and Canada. 

In order to cover these costs, many parents are forced to make major sacrifices, from reducing their own holidays and leisure activities to taking on large amounts of personal debt. 

There’s no simple solution to this, but there are steps you can take to help manage the financial challenges and give your loved ones the tools they need for a bright and exciting future. 

How to prepare?

1.Start early

Early planning and saving for education can go a long way towards limiting the strain on your finances. Consider speaking to one of our dedicated financial advisers, who can help you to formulate a plan and make better, more informed choices about how to manage your money. 

Explore more: View our savings options

2. Be realistic about the costs

Tuition fees alone can be an intimidating financial challenge, but there are other costs to consider as well. Make sure you take everything into account when planning how to financially support your child's education, particularly when it comes to travelling abroad for university.

Explore more: Try our Education calculator

3. Encourage good financial habits

Sensible spending and financial responsibility is one of the most important lessons you can impart to your children. As yours prepare to venture out into the world, make sure they leave with a healthy respect for money and awareness of the budgeting tools and resources available to them. 

Explore more: How to teach kids about money

4. Make your money work harder

From working with a dedicated wealth specialist to exploring the investments market, there are many routes you could take to help grow your savings and make the most of your income. Don’t be afraid to ask for help – making the right choices now could have a huge impact on your family’s financial outlook in the future. 

Explore more: Invest in your future

 

Connecting with a wealth specialist

If you’re looking for a more personally tailored approach to savings and financial planning, our dedicated wealth specialists are on hand to help you devise a strategy. 

 

To book your initial consultation, call us on 441 299 5959 or request a callback using the link below. Premier customers should reach out to their Relationship Manager in the first instance.

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