We tend to think that the best inheritance we can leave is a good education and preparation for life. And so it is.
46% of Spanish executives come from a privileged social status compared to 17% from more humble origins. As can be imagined, 52% of the privileged have a university degree compared to 14% from the lowest sectors. This academic divide is reflected in salaries: professionals with a higher level of education earn twice as much.
Another factor is the university’s prestige. Obtaining the same degree from one public university relative to another one can cost up to three times more. Tuition may be multiplied by up to eight times at private universities.
Our families try to save to ensure a smooth economic future. We should include our children’s studies in our piggy banks.
For example, Long-Term Savings Insurance will add interest to your capital, allowing you to have money when you need it and some may have tax advantages.
Educate your children on the value of money and the effort required to earn it. Set aside a weekly (or monthly) allowance for their expenses. Teach them to save for big purchases by forgoing other expenses. And explain to them how you manage income at home and how you guarantee the cost of their studies so that they can live better.