Start saving now for children's education, parents advised

Parents who intend to put their children through private schooling should start saving now, an expert has said.

Commenting on the issue, David Kuo, head of personal finance at Fool.co.uk, stated that consumers should begin investing in their offspring's future "almost at the point of conception".

According to the industry practitioner, parents should think carefully about school fee plans because the rate at which such fees are increasing is faster than rate of inflation for the ordinary consumer.

He added: "Education for children is very important and if [consumers] wish to go down that route of private schools they need to make adequate preparation ahead of time."

Meanwhile, fund management company M&G recently advised parents to put money into actively managed funds on a long-term basis in order to prevent their offspring from falling into debt early on in life.

It suggested that, if a parent had invested £50 per month since 1989 in the M&G Recovery Fund, they would now have accrued £27,000.