Preparing Your Children for University with Financial Planning and Life Skills
Key Takeaways
- 1. Learn how to prepare your child for university with the right life skills and planning
- 2. Set up an international bank account if your child studies overseas and teach him/her financial literacy
- 3.Teach your child valuable life skills that can help them learn to be more self-sufficient and independent.
Preparing your child for university involves more than just strategic financial planning. It’s also about equipping him or her with the life skills to succeed in the next phase of life.
A Shared Vision for the Future
Your child may have a long-held dream of attending a reputable university close to home or further abroad. But as a family, you may want to choose a university that is the best fit for your child.
A good springboard for finding out whether a university is the right choice is having a conversation about the following:
- What majors are offered?
- What is the campus culture like?
- Is the location close enough to support him/her?
- What extra-curricular opportunities are available?
- Is the alumni network supportive and meaningful?
Before receiving an acceptance offer, an in-person or online interview may be required. Consider researching the types of questions your child may be asked and help him or her practice articulating their ideas and goals for their university life.
A Modern Approach to College Education Funds
Planning for your child’s college education fund is essential. But it’s just as important to understand the full picture beyond tertiary fees or education loans. You should also consider potential flights, rent and living expenses if your child studies overseas.
To ensure your child is ready for the opportunity, you may want to plan and seek trusted financial advice on factors such as the rising cost of education around the world. This may affect your risk profile and how you adjust your portfolio to address such factors.
If your child is going to be an international student, consider opening a bank account with global access. Teach your child about financial planning so he or she can make responsible budgeting and spending decisions.
Do You Need to Think Digital?
The global pandemic pushed for the digitalisation of universities around the world. Popular colleges and international business schools around the globe are shifting to online learning.
Discuss e-learning options with university admissions teams. Ask about access to professors, tutors and systems for real-time feedback and queries. This can ensure your child has access to an agile, top tier learning environment both in the classroom and online.
Accommodation: Where Will Your Child Live?
Distance learning needs to be taken into consideration when planning where your child will stay. Will your child live at home instead of moving closer to university or overseas? If so, any plans to shift from a large family home to a smaller space may be put on hold.
International students in the US might want to enjoy campus life. If your child wants to study abroad in Australia or the UK, he or she can opt to live off-campus in a shared house with other young adults to develop a social support network.
Life Skills You Can’t Study for in the Real World
Setting your child up for success goes beyond financial planning and academics. Young adults should also be equipped with life skills to prepare them for changing social circumstances and to promote lifelong learning.
Encourage your child to master life skills such as time management, independent decision-making, and effective communication. Learning how to cook meals, manage their health and maintain his or her own space is essential not only for living abroad but also for life.
While you may support your child with rent and living expenses for security, your child will be engaging with peers from a variety of backgrounds and cultures. This will serve him or her well by encouraging independence and meaningful engagement in different social worlds.
Being separated from family and living in a new environment with new languages and accents can be a challenge. Consider speaking about these challenges and exploring counselling services at your child’s university to ensure he or she will have support when the need arises.
Your child’s university years will be some of the most important of his or her life. Citigold understands that every family has different goals and needs – from seeking trusted financial advice for education funds to opening a bank account with global access.
Whatever your needs, we are here to support you on your university planning journey. Learn how Citigold can help you and your child succeed in your next phase of life.
Disclaimers
This article is for general information only and is not intended to be a forecast of future events nor a guarantee of future results and should not be relied upon as financial advice. All views and opinions are as of the date hereof, and are subject to change based on market and other conditions without notice. The article has no regard to the specific objectives, financial situation and particular needs of any specific person. It is neither an offer nor a solicitation to purchase, nor endorsement or recommendation of any products or services mentioned therein, and the products or services mentioned may or may not be offered by Citibank Singapore Limited, its related entities and their respective directors, agents and employees (together "Citigroup").
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