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Ask the Experts is MyEggNest's free service for questions on Junior ISAs and any aspect of family finance.

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Ask the Experts


We have a 3 year old child and want to make plans for her university fees all going well within the next 15 -16 years. Ideally we would like a tax efficient investment with a good return. Our aim is to generate 70K to pay for the 4 year course + expenses. Can you possibly let us know what amount we ought to save a month based on historical performance data in order to reach that target and which investment would be better suited? Many thanks.

Regards
Cris

Steve: Afternoon Cris, I’ve been forwarded your questions, there are a lot of variables such as attitude to risk and inflation and we should discuss this further but using some basic calculations:

· If you were looking to fund university costs £12,000 per year in today’s money in 15 years time for 4 year’s at university, you would need a lump sum of £122,840 in 15 years time. This would assume that university costs go up by 6% per year on average between now and then, which is a typical rate of educational cost increments.
  • To generate the fund of £122,841 you could invest a lump sum of £53,307 if you were to get a return of 5%.
  • If you were looking to save monthly for these costs, you would need to save £449 if you were to get a return of 5%.
I would suggest using all the tax breaks available, including ISA allowances and CGT allowances, and then using a risk based portfolio to target the returns required based on how much you can afford to save, i.e. if £449 is too costly you may need to get a return of greater than 5% and therefore take extra risk.

Regards, Steve

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