The world is changing fast, and so is the job market. Artificial intelligence, automation, and sustainability are already reshaping industries – and their influence will only accelerate in the coming years. For parents, this raises an important question: how do you provide an education that will set your child up for success in an uncertain future?
“Future-proofing is the key,” says Marius Pretorius, Head of Marketing Retail Savings and Income at Old Mutual. “No matter how industries evolve, ensuring your child has access to the right education and opportunities will help set them up for success. But with education costs soaring, preparing ahead isn’t just beneficial – it’s essential.”
Tomorrow’s careers: ENVISIONING YOUR CHILD’S FUTURE.
While we can’t predict the future, global trends in technology, sustainability, and urbanisation are expected to reshape the job market over the next 15 to 20 years. As industries evolve, many traditional career paths will change or disappear, while new jobs will emerge – some in fields that don’t even exist yet.
Here are just a few careers that experts predict will be in high demand in the future:
- Human-centred designers and ethicists. As technology becomes more integrated into daily life, professionals who ensure these innovations align with human values and ethics will become essential.
- Metaverse architects. With the rise in popularity of virtual and augmented reality spaces, there will be a demand for designers who can create immersive digital environments, from entertainment to education.
- Artificial Intelligence psychologists. As AI systems become more advanced, specialists who understand the psychological interactions between humans and machines will increasingly become in demand.
- Sustainability consultants. With an increasing emphasis on environmental responsibility, experts who guide businesses in sustainable practices and regulatory requirements will be in high demand.
- E-sports and digital content creators. The digital entertainment and gaming industries are expected to continue their rapid growth, offering new career paths in competitive gaming, content creation, and virtual event management.
What does this mean for parents? Your child’s future career might not even exist yet – and the cost of studying for it could be higher than you expect. Emerging fields often require specialised training, international certifications, or advanced technology access – all of which come at a price.
Without a financial plan in place, you could find yourself unprepared for the reality of funding their studies—whether they pursue a well-known qualification or a cutting-edge degree that doesn’t even exist yet. Starting early ensures that, no matter which path they choose, you’ll be financially ready to support their future.
THE RISING COST OF EDUCATION
Inflation for higher education currently sits at 6%–8% per year, meaning university tuition could double or triple within the next 15 to 20 years.
“Without early financial planning, many families may have to rely on loans – which can result in repaying nearly double the original amount due to interest,” says Marius Pretorius, Head of Marketing Retail Savings and Income at Old Mutual. “Our Savings vs. Loans Calculator is a useful tool that helps parents see the long-term impact of borrowing versus saving early.”
Based on Old Mutual’s latest education research, parents can expect tuition costs to increase significantly within the next decade:
- A Bachelor of Engineering, now R75 000 – R120 000 per year, could rise to R162 000 – R259 000 per year within 10 to 15 years.
- A Bachelor of Medicine, currently R80 000 – R160 000 per year, could climb to R173 000 – R346 000 per year in the same timeframe.
- A Bachelor of Science in AI or data analytics, now R50 000 – R100 000 per year, could reach R108 000 – R216 000 per year within the next decade.
And that’s just tuition – add accommodation, study materials, and technology, and total costs could rise by 40% or more.
For parents considering international universities, the figures are even steeper. At the current rate of education inflation, studying abroad could cost well over R1 million per year within the next decade, depending on the institution.
PARTNERING WITH A FINANCIAL ADVISER: A SMARTER WAY TO PLAN
Education is one of the biggest financial commitments a family will make, and with costs rising annually, having a structured plan in place can make all the difference. This is where a financial adviser becomes invaluable.
How can a financial adviser help?
- They tailor a strategy to suit your budget and goals – An adviser helps structure a savings plan that aligns with your financial situation.
- They provide clear guidance on your savings journey – Many parents know they need to save but aren’t always sure of the best approach. An adviser helps turn intentions into a structured, achievable plan.
- They guide you on the best savings options – With different financial vehicles available, an adviser ensures your plan keeps pace with education inflation and maximises potential growth.
“Every family has unique financial circumstances, and working with a financial adviser can help parents develop a structured, realistic plan that works for them,” says Pretorius. “With expert guidance, you can ensure your child’s education savings are on track, no matter how costs evolve.”
TAKE THE FIRST STEP
The cost of education is rising, but with early planning and the right financial guidance, parents can build a solid foundation for their child’s future. The key is to start today – the earlier you take action, the easier it is to achieve your savings goals.
Turn planning into action. Speak to your financial adviser to create a personalised savings plan or use Old Mutual’s Cost of Education Calculator to estimate how much you’ll need and how to get there.
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