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The cost of education – and how to plan for it

24 October 2022

65% of children entering primary school will ultimately end up working in completely new jobs that don’t yet exist; this caught my eye from a fascinating analytics report. There is so much change ahead.  


McCrindle Social Research Agency and Futurity Investment Group research offers further interesting data:


  1. 1 in 2 of today’s students will gain a university degree and are expected to have 18 jobs over 6 careers in their lifetime. Just thinking about how to move across 6 careers indicates to me that adult learning will be on the increase to support such activity.
  2. University debt is one of the most significant costs in equipping students for this future. The most common amount of HECS-HELP debts now is currently $20,000-$30,000; additional lifelong learning will further add to this as they move through their 6 careers!
  3. How long are we holding onto that HECS-HELP debt?

20's

90% who attended Uni have a
HECS-HELP debt in their twenties

30's

72% who attended Uni have a
HECS-HELP debt in their thirties

40's

48% who attended Uni have a
HECS-HELP debt in their forties

This data supports strategies for establishing an education savings plan. The definition of education is quite broad and include university, higher education, TAFE, VET, adult learning and personal development. While expenses associated to education including tuition costs, travel, accommodation, stationary, computer, tools and many more.


Depending on the age of those to educate and source of funds, this will determine which provider and nominations to set up this strategy for the best outcome as you access funds. There is a lotm to consider.


If you would like to consider saving for the education for yourself or someone important to you, speak to a Mulcahy & Co Financial Planner to set this up and ensure you optimise the tax effectiveness available to your situation.

Antonia Grapes - Financial Planner Mulcahy & Co Sunshhine Coast

Antonia Grapes

Financial Planner

Sunshine Coast

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