Take the example of three-year-old Michelle Heng who hopes to become a medical doctor. Using the OCBC Education Planner, Michelle’s parents found out that they have 16 years to save $203,000 to fulfil her dream. That means putting aside $754 a month, assuming an expected return of four per cent per annum.
It is also essential for Michelle’s parents to have the discipline to save. More importantly, they need to review their plan regularly to ensure they are on track.
In the OCBC survey*, parents considered one or a combination of the financial products featured below to save for their children’s education.
Visit any OCBC branch today to find out more about planning for your child’s education.
Produced by the TODAY Special Projects Team
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This article first appeared on TODAY online (www.todayonline.com/print-edition/am/19-06-2014) on 19 June 2014.