Your child’s curiosity knows no bounds. Can you keep up?

Your child’s curiosity knows no bounds. Can you keep up?

We understand the complexities when it comes to securing your child’s future. That’s why we’re here to help you in your journey. Help your child realise his or her potential every step of the way with us. Because at POSB, we’re parents first, bankers second.


Pre-school

0 - 6 years old


The first stage of your child’s development is crucial because it has a direct effect on overall development and a lasting impact on adulthood. Many parents invest in these important early years of development to ensure future success and well-being. Because creating a stimulating environment for your child is vital to building a strong foundation, it can get quite expensive. Here’s a look at some of the potential costs involved.

Sources
1Statistics on Infant Care Services for Jan 2015, Early Childhood Development Agency
2Statistics on Child Care Services for Jan 2015, Early Childhood Development Agency
3Source: PAP Community Foundation (PCF)


Average Cost of Pre-school Stage

Infant Care over 1 year

$17,004

Childcare over 2 years

$23,832

Kindergarten fee over 3 years

$5,940

1 supplement over 5 years

$21,600

Total for 6 years of Pre-school

$68,376

*Figures are estimates.



Primary School

(7 – 12 years old)


Your child will pick up many new skills during this exciting phase. In addition to academic performance, the 3 essential areas to focus on during these important years are developing physical, social and intellectual skills. While primary school fees are most affordable, the potential costs of nurturing your child’s development outside of former schooling can run quite high.

Sources
*Singapore Swimming Academy
1Taekwondonomics
2First Kick Academy


Average Cost of Primary School Stage

Basic primary education

$78

Enrichment fees for 2 subjects over 6 years

$46,080

Group swimming lessons for 1 year

$1,680

Group taekwondo lessons for 3 years

$4,320

Total

$52,158



Secondary School

(13 – 17 years old)


It’s time to take your child’s abilities to the next level as learning gets progressively more independent. Find out what your child truly loves and cultivate their passions with the right courses. Academically, this is an important stage as doing well gives your child the power of choice in the next phase. Depending on your child’s needs and interests, tuition and enrichment classes can potentially get quite expensive.

Sources
*https://www.moe.gov.sg/education/secondary
1The Sunday Times 9 Nov 2014, The Millionaire Tutor by Theresa Tan
2http://www.tonybuzan.edu.sg/index.php/programmes/holiday-workshops/effective-study-skills-and-mind-mapping


Average Cost of Secondary School Stage

Independent School fee for 4 years

$14,400

Tuition Fee for 1 subject over 4 years

$34,560

6 Supplementary course over 4 years

$1,500

Total for 4 years of Secondary School

$50,460

*Figures are estimates.
Note: Value of supplementary course is based on a child participating in 2 supplementary courses during their school holidays each year.



Tertiary Education

(17 years and above)


The last stage of your child’s development can be the heftiest as this is the time where tuition fees tend to cost the most. Planning for this stage is crucial as the education your child receives will be the first step towards growing his or her career.

High value courses are those that cost significantly more (i.e. veterinary or medical degree)

Sources
*https://www.moe.gov.sg/education/pre-university
1http://www.sp.edu.sg/wps/portal/vp-spws/spws.fsu.financialmatters.coursefeesandfeespayable
http://www.rp.edu.sg/Fees/01_Course_Fees.aspx
http://www.np.edu.sg/admissions/fees/Pages/finance.aspx
http://www.tp.edu.sg/fees-and-financial-matters/course-fees#tab2
http://www.nyp.edu.sg/admissions/full-time-diploma/financial-matters-financial-assistance.html

2http://admissions.ntu.edu.sg/UndergraduateAdmissions/Pages/tf_16.aspx
http://www.nus.edu.sg/oam/financialaid/financial-tuition-fees.html
http://sis.smu.edu.sg/programmes/MSc-IS/admission-fees

3http://www.simge.edu.sg/gePortalWeb/appmanager/web/default
4http://www.topuniversities.com/student-info/student-finance/how-much-does-it-cost-study-australia
5http://www.topuniversities.com/student-info/student-finance/how-much-does-it-cost-study-uk
6http://www.topuniversities.com/student-info/student-finance/how-much-does-it-cost-study-us


Average Cost of Tertiary Education (JC Route)

Independent JC school fee for 2 years

$14,400

Autonomous University for 3 years @ SMU

$30,300

Total

$44,700


Average Cost of Tertiary Education (Polytechnic Route)

Polytechnic School fee for 3 years

$8,400

Private University School Fee (SIM GE) for 3 years

$87,000

Total

$95,400

 


Need a bit more help with financial planning? Let’s chat now.

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