FNB WARNS PARENTS AGAINST UNDERPLANNING EDUCATION COSTS!

By KOPANO MONAHENG
Parents need to include education costs in their long-term financial plans to ensure they can afford their children’s education, even when unexpected financial problems arise.

Samukelo Zwane, Product Head for Wealth and Investments at FNB, said parents should not focus on school fees alone, as they often forget about other costs linked to schooling and tertiary education.

Speaking at the FNB Education Insights 2026 launch at Wits University on 30 September, Zwane said education costs increase differently from ordinary living costs, meaning parents may face bigger increases than they expect.

A research findings presented at the event showed that while 86% of people believed they had planned well for education costs, only 49% had considered the different expenses linked to education, including extra learning support and other related costs.

“Most people are actually planning for tuition, and they do not plan for the other peripheral expenses,” Zwane said.
He said families across different income groups face financial challenges, although these may differ depending on their situations. Unexpected expenses, problems with property investments and family emergencies can force parents to use money they had saved for education.

Zwane advised parents to work with financial advisers to develop proper financial plans. These should include paying off debt, managing borrowing costs, keeping emergency savings and getting the right insurance cover.

He explained that insurance can help families deal with unexpected events, while investments and savings set aside for education can help pay for children’s future studies.
Zwane stressed that education costs should be treated as a long-term financial commitment, rather than something parents only start planning for when their children begin school.