Page 53 - Phonebox Magazine June 2007

Finance Matters
brought to you by Advison Independent Financial Advisers
Who’s going to pay for your child’s time at University?
In the past, School Fees planning has been a popular area with many people, often grandparents wishing to give their grandchildren the opportunity their own children never had. This
was backed up by preferential tax treatment on many schemes, which were able to benefit from the charitable status afforded to the organisations that ran the schemes.
These benefits have dwindled over the years and the amount of funds put towards this area has also declined. However, the increasing cost of time spent at University, not least due to the introduction of tuition fees, has seen an increasing interest in this form of planning over the last few years.
In many ways this is an easier area to plan for than school fees, simply due to the fact the funds are not required until a later stage, allowing longer for the funds to build up. If we take a quick look at the figures (for three years at university) it is easy to see why the need for funds at that time should not be underestimated.
Tuition fees: £9,000 (source: National Union of Students)
Living expenses: £20,223 (source: www.aimhigher.ac.uk based on a 36-week academic year)
Student loans: £12,890 (source: National Union of Students)
This totals over £40,000 and obviously if you have more than one child going on to higher education the problem is exacerbated. There are many ways in which this potential problem can be eased but one key element is the earlier you start planning, the better. Recent research from fund group Investec has shown the benefit of early planning with the cost of funding higher education costs for a new born baby being £169* per month compared to £564* per month if you wait until they are aged 12.
Advison has a wealth of experience in helping clients with different investment strategies and trying to ensure that a well constructed portfolio will allow the right amount to be available at the right time. We are also able to review your investments so that they remain in line with your personal circumstances and objectives.
* Figures based on a 3 year degree course outside London and assuming a 6% growth rate
Unlike many IFAs, Advison not only provides the initial advice you require but also produces regular personalised reviews of your Investments, Pensions and Protection Policies, enabling us to ensure the assets you hold are still relevant to your circumstances. We would be pleased to discuss your specific situation and plan the most appropriate course of action for you. For full details about Advison please see our advertisement below.
advison
Independent Financial Advisers
Advison is a small, friendly and reliable firm specialising in Investments, Retirement Planning and IHT Mitigation.
We offer a return to the traditional values only a smaller company can offer, a service we find
is appreciated by the more discerning client. We are happy to see you in the comfort of your own home or at our peaceful and relaxed country offices, which have plenty of free parking.
All staff at Advison are either AFPC or FPC qualified.
----------------This is your opportunity to speak with the experts----------------
• Planned Savings Magazine – National Estate Planner of the Year
• Regularly quoted in the national press for over 10 years
• Used as financial planning experts on BBC, Sky, CNBC, Bloomberg, Simply Money and the Money Channel • Choice Magazine’s Pensions and Trusts expert
Call Kevin or Andrew for a preliminary chat or to arrange an appointment.
No 7, Water End Barns, Eversholt (Nr Woburn), Beds. MK17 9EA T: 01525 288488 E Mail: ifa@advison.co.uk
advison ltd is an appointed representative of IN Partnership the trading name of The On-Line Partnership Limited which is authorised and regulated by the Financial Services Authority. Registered (England) No. 5009271
Phonebox Magazine 53
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