Study costs for professions soar

Parents celebrating their children’s exam success this week, and the start of their journey to become architects, doctors or solicitors, could be surprised by rocketing study costs according to figures from The Children’s Mutual.

The UK’s only specialist in long-term savings for children has calculated the true cost of training for five professions. It found that the total sum for training to be an architect, doctor, solicitor, engineer or nurse has escalated dramatically over the last 12 months and may see career dreams turn into financial nightmares.

The Children’s Mutual found that the average total cost of a three-year degree course today is around £38,000, taking account of tuition fees, accommodation, equipment, clothing, travel and books. But parents of would-be architects and doctors who want to help fund the training courses need even deeper pockets as the final bill for these professions could be as much as £79,000 up from the top cost of £69,000 last year due to a rise in the cost of living.

According to The Children’s Mutual, 91 per cent of parents with children aged seven, 11 and 15 say they expect to contribute to their child’s university costs if they continue into higher education. Whether they are planning to help their child through just their university years or towards their chosen profession, The Children’s Mutual is urging parents of younger children to start saving now to help address these costs.

Calculations from The Children’s Mutual show that had the CTF existed 18 years’ ago, a fully topped up account would pay out around £47,700 today - a sum which would go a long way towards training for a future profession.

David White, Chief Executive of The Children’s Mutual, said: “As we approach A-level results day, many 18-year-olds will be making final decisions about which universities to go to and which careers to pursue. For parents with younger children, having one eye on the future means they can help their children’s dreams become a reality.

“By saving regularly, over the long term, many families could help their children pursue their chosen careers. The Child Trust Fund has been designed to have an end goal in mind and for many families this will be helping their child towards their chosen job or career. Anyone can save for the child and it is when families club together that it can make a real difference to the end amount.”