As tuition fees are on the rise in the UK and pensions are becoming scarcer, parents are facing yet another dilemma when raising their children, do you save for your child’s education or do you save for your retirement? Apparently as a parent you take an almost selfless roll when it comes to your children, and that includes money, however financial advisors in the US are saying that we shouldn’t be doing that.
One financial advisor compares the choice to the situation on an aeroplane, if you’re in an emergency on a plane you should put your gas mask on before assisting your children, the same goes for retirement/university decisions.
You shouldn’t make the commitment if the finances can’t back it, unless you can make use of the government schemes available to you, everyone will end up in a worse situation if the family finances aren’t sorted.
So asses the possible costs and the benefits of the University route or working, also it’s a good idea to assess the job market at the time. Just when you thought they were about to fly the nest!