Marius Pretorius, the head of marketing: retail savings and income solutions of Old Mutual Personal Finance, said with long-term education inflation expected to be 9percent this year, surpassing general inflation, parents often found themselves in a pickle when it's time to send their child to school.
“If your child starts Grade R in 2019, you can expect to pay between R1.4 million and R3.4m for public and private education respectively over their school career. This amount includes primary school, high school and a three-year university qualification. It's clear the time is now to make education savings part of a holistic financial plan so that when the time comes, you can afford to give your child the best education,” said Pretorius.
If your child is entering a public primary or high school this year, you can expect to pay on average about R37000, while a private primary school and private high school will set you back R92400 and R148300 respectively.
When it comes to university education, parents can expect to pay R64200 this year, on average.
Pretorius said: “Most parents will find it hard to fork out these costs in full at the start of the year unless they've diligently been saving beforehand. If not, they'll have to factor this expense into their monthly budget, which may be a stretch for many.”
Parents can avoid this shock by starting to save as early as possible.