Parents face £70,000 bill for children's training
Oct 12, 2006
Parents of aspiring architects be warned it could cost more than £70,000 to pay for training for these professions.
The Children's Mutual surveyed five popular professions and found that the average total cost of training through a three-year vocational degree course is around £32,000, including tuition fees, accommodation rental, equipment, clothing, travel and books.
The parents of wannabe doctors and architects, however, may have to pay out the even larger sum of £70,000. Around one third of parents expect to pay the full cost of their child's university education, the study found.
The company has advised parents of young children to start saving early so they can help their child into a career later in life. The Chief executive of the Children's Mutual suggested that most parents would not think twice about giving financial support when their child sets their heart on a career. However when the bills start mounting up they could be in for a shock. Many parents, especially homeowners needing extra cash will choose to take out a secured loan, which is secured against the value of their property or will remortgage to raise the money required..
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