HomeView 2013 Media ReleasesBack to school the perfect time for education plan

Abacus today reassured Australian families looking to ease the burden of back to school education costs.

With children heading back to school shortly, parents are being encouraged to consider a scholarship plan with a Friendly Society as one option to meet short and longer term expenses.

"From text books, to school excursions and university courses, the total expenditure for a child's education can certainly appear daunting on paper," Abacus CEO Louise Petschler said.

"But by starting early, parents can make education commitments more affordable and achievable and give their kids a better start to their future."

Friendly Societies offer scholarship plans to fund all levels of schooling, including tertiary education.

Research has found the costs to educate a child born last year from pre-school to secondary school range from around $65,000 in government schools to more than $400,000 for private school education*.

Investing in scholarship plans can help parents build an education nest egg and beat potential increases in school and university fees.

Abacus today also recommended parents consider:

  • Doing a household budget as early as possible that factors in education costs;
  • Starting educations savings;
  • Making "top-up" payments no matter how small.

Credit unions, building societies and mutual banks also have a rich history and track record of helping people meet their financial goals and commitments at all stages of life, including for education.

"Investing in a child's education is one of the most valuable gifts families can make," Ms Petschler said.

"As kids start the school year, there's probably no better time for families to take a little time to make sure money is put aside for this important investment in their children's future."

*Australian Scholarships Group Education Cost Estimates, Metropolitan Australia Schooling Costs in 2012.

For more information, please contact:
Daniel McDougall, Senior Adviser – Media
02 8299 9024; 0407 637 541, This e-mail address is being protected from spambots. You need JavaScript enabled to view it

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