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PPI Refunds: University fees 'may require extra savings'

PPI refunds may be important to people with children who intend on going to university next year.

Standard Life has launched a calculator that enables an independent financial adviser to ascertain just how much money parents need to save for children's tuition fees.

The calculator provides people with a total cost of university and then works back from the course's start date to demonstrate to parents how much they need to save each month to make the university education of their offspring a financial reality.

Savers need to input data such as annual tuition fees and living costs, course start date, length of study and inflation rates.

If there is a shortfall, an independent financial adviser can prescribe the best course of action for the saver.

"The calculator provides … a quick and easy solution to working out their client's university savings goals, allowing them to spend more time finding the best investment and savings solution for their clients," said Julie Hutchinson, head of technical solutions at Standard Life.

Banks have already paid out more than £215 million pounds in PPI refunds this year according to the Financial Services Authority.

Charles Baker

Charles is a reputed financial analyst with decades of experience under his belt.ADNFCR-2776-ID-800744987-ADNFCR

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