Cost of Living and Education - What Can You Do?
A recent report from Wealthify showed that 37% of parents said the cost of living tops their list of fears for their children’s future. This is followed by mental health, climate change and social issues & bullying.
There’s no doubt that at a macro level we are leaving the mother of all debts for future generations to deal with. An eye-watering £2.8 trillion and rising at over £5,000 per second – the National Debt Clock is always a sobering experience. Or, to put it another way over £42,000 per head of population. The kind of sums you have to double check because they seem so absurd.
It’s hard to predict what impact that will have. But one thing’s for certain – the gravy train can’t roll on forever. And to make matters worse, we’re experiencing a cost-of-living crisis fuelled by inflation rates not seen since the 90’s.
Parents are right to be concerned about cost of living – but what can you do?
There are thousands of advice articles out there about how and where you can make your money go further, so we won’t add to them here.
But what seldom gets a mention is education. I don’t mean education in the context of budget squeezing, teacher pay and strikes – which seems to be permanently in the news. What I mean is the importance of education for a child’s future. If, like me, you are worried about what the long-term future might hold – the best you can do is equip your child with the tools that give them the most opportunities.
Let’s be honest, there are some big challenges ahead for our children. Debt is just one of them. What about the impact of AI? How will the tech-enabled, educated labour from emerging markets change the competitive landscape?
As the world shrinks and opportunities are determined more by skills than location, education has never been so important.
There’s no point in worrying about the future.
Focus on today and do whatever you can to make sure your child is best prepared for whatever lies ahead.