New parents should be saving up to £260 a month to cover the cost of their child attending university in 18 years' time, according to new figures from Rplan.co.uk.
This is based on the online investment platform's 'upper-tier' estimate of fees and living-cost growth at a 2% inflation rate, giving a total of £74,307.08. This assumes fees of £9,000 and annual living costs of £8,000. For the 'lower-tier' estimate, which assumes fees of £6,000, the total is £43,710.05, which equates to saving £153.27 per month. For parents with less time to save, as the table below shows, Rplan has suggested higher monthly contributions based on nine and five years savings. All calculations assume an annualised return of 3% a year after charges, which is in line wit...
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