Calendar An icon of a desk calendar. Cancel An icon of a circle with a diagonal line across. Caret An icon of a block arrow pointing to the right. Email An icon of a paper envelope. Facebook An icon of the Facebook "f" mark. Google An icon of the Google "G" mark. Linked In An icon of the Linked In "in" mark. Logout An icon representing logout. Profile An icon that resembles human head and shoulders. Telephone An icon of a traditional telephone receiver. Tick An icon of a tick mark. Is Public An icon of a human eye and eyelashes. Is Not Public An icon of a human eye and eyelashes with a diagonal line through it. Pause Icon A two-lined pause icon for stopping interactions. Quote Mark A opening quote mark. Quote Mark A closing quote mark. Arrow An icon of an arrow. Folder An icon of a paper folder. Breaking An icon of an exclamation mark on a circular background. Camera An icon of a digital camera. Caret An icon of a caret arrow. Clock An icon of a clock face. Close An icon of the an X shape. Close Icon An icon used to represent where to interact to collapse or dismiss a component Comment An icon of a speech bubble. Comments An icon of a speech bubble, denoting user comments. Comments An icon of a speech bubble, denoting user comments. Ellipsis An icon of 3 horizontal dots. Envelope An icon of a paper envelope. Facebook An icon of a facebook f logo. Camera An icon of a digital camera. Home An icon of a house. Instagram An icon of the Instagram logo. LinkedIn An icon of the LinkedIn logo. Magnifying Glass An icon of a magnifying glass. Search Icon A magnifying glass icon that is used to represent the function of searching. Menu An icon of 3 horizontal lines. Hamburger Menu Icon An icon used to represent a collapsed menu. Next An icon of an arrow pointing to the right. Notice An explanation mark centred inside a circle. Previous An icon of an arrow pointing to the left. Rating An icon of a star. Tag An icon of a tag. Twitter An icon of the Twitter logo. Video Camera An icon of a video camera shape. Speech Bubble Icon A icon displaying a speech bubble WhatsApp An icon of the WhatsApp logo. Information An icon of an information logo. Plus A mathematical 'plus' symbol. Duration An icon indicating Time. Success Tick An icon of a green tick. Success Tick Timeout An icon of a greyed out success tick. Loading Spinner An icon of a loading spinner. Facebook Messenger An icon of the facebook messenger app logo. Facebook An icon of a facebook f logo. Facebook Messenger An icon of the Twitter app logo. LinkedIn An icon of the LinkedIn logo. WhatsApp Messenger An icon of the Whatsapp messenger app logo. Email An icon of an mail envelope. Copy link A decentered black square over a white square.

Covid-19 and Brexit – a perfect storm for further education funding?

Andrew Scouller, of Phil Anderson Financial Services.
Andrew Scouller, of Phil Anderson Financial Services.

As students return to college and university, it’s an apt time to reflect on how seismic changes wrought by the pandemic and by Brexit have impacted their cost of living.

Should you now be saving more to fund your child’s education in the face of a number of new challenges?

Our exit from the EU has led to the Turing scheme replacing the EU’s Erasmus programme.

Studying abroad

The new scheme means students who want to study and live abroad will no longer receive tuition fees, their living allowance will be cut by one-fifth, and the EU commission will only help those from disadvantaged backgrounds in the UK.

As things stand, Covid-19 tenant protection schemes are being wound-up, prompting concerns that rent arrears and evictions could increase, and also that it may result in higher rental costs.

A recent survey by Citizens Advice Scotland found student rents across the UK had increased by nearly 20% in the past year.

Students no longer have the same work opportunities to support themselves as they did before the pandemic.

In the past, many young people have relied on paid work experience as part of their course.

But statistics show 61% of UK employers cancelled these paid placements last year, increasing the burden on parents, or other relatives or guardians to make up the shortfall.

Although we cannot plan for political and global changes, these are things we need to consider.

There will always be external factors impacting the cost of student living.

However you fund your child’s education, it is important to plan effectively for the years ahead.”

If you have more than one dependent child, it can feel very daunting, but there are a few simple steps you can take to support your children’s aspirations.

So where do you begin? Starting to save from day one when your child is young will assist you in accumulating what you need but also makes better financial sense than saving a big amount later in life.

Why? Because of the effect of compound interest.

Accelerating your savings

When you put money into a savings account it earns interest, which is added to the account periodically.

Generally, the next time interest is calculated it will be based on the balance of your savings – which will include previously added interest.

This is known as “compound interest” and allows your cash savings to grow at a faster rate because the interest itself will earn further interest.

Investments are slightly different. The amount of money you have in your fund will depend on the success of the investments, as opposed to savings – which often have a set level of interest.

Whilst those investments are successful and make some gains, the compounding effect still applies.


The minimum pension age is rising. How can you make sure you don’t miss out?

Why are a growing number of investors turning to drink? There’s a dram good reason


In the longer term, if you want a dedicated account for your child’s savings, a Junior Isa (individual savings account), could be a way to invest tax-efficiently on their behalf.

This allows you to save or invest up to £9,000 in the current tax year and will only be available to your child once they turn 18.

Lifetime giving

In the shorter term, grandparents can make use of lifetime gifting.

This can have the dual benefit of reducing the value of their estate for inheritance tax purposes and seeing their money benefit their grandchildren while they are still around.

However you fund your child’s education, it is important to plan effectively for the years ahead, and take advice to ensure you don’t compromise your own financial security.

Andrew Scouller is a financial adviser at Phil Anderson Financial Services.