How should I save for my children’s education?

In United States

• 529 plans — withdrawals for qualified higher education expenses are tax-free; if you take out more than those expenses, part of the earnings becomes taxable. From 2026, up to $20,000 a year can also go on K-12 tuition and related costs (it was $10,000).
• Leftover money — a beneficiary can roll up to $35,000 over their lifetime from a 529 that has been open at least 15 years into their own Roth IRA, within the yearly Roth contribution limit.
• Coverdell education savings accounts — up to $2,000 a year in total for each beneficiary, who must be under 18 when the account is opened (unless they have special needs).
• Gifts — the annual gift tax exclusion for 2026 is $19,000 per recipient.

Nivritee’s US template offers a 529 plan balance line under Investments, among the items listed as also common in the United States.

In Canada

• Registered Education Savings Plan (RESP) — up to $50,000 in a lifetime for each child. Contributions cannot be deducted from your income, and there is no annual limit.
• Canada Education Savings Grant — the government adds 20% of the first $2,500 you contribute each year, up to $7,200 in a lifetime, until the year the child turns 17. Unused grant room carries forward. Lower-income families receive an extra 10% or 20% on the first $500 (the Additional CESG; for 2026, 20% where family income is under $58,523).
• Canada Learning Bond — up to $2,000 for an eligible child in a lower-income family, with no contribution needed: $500 in the first year, then $100 a year up to age 15. From April 2028 the government will open an RESP automatically for eligible children born in 2024 or later who have none by age 4.

In United Kingdom

• Junior ISA — up to £9,000 in the 2026/27 tax year, in cash or stocks and shares. The money belongs to the child: they can manage the account from 16 and withdraw from 18, whatever it was saved for. The £9,000 limit is frozen until 5 April 2031, and the cut to the cash ISA limit from April 2027 applies to adult ISAs, not Junior ISAs.
• University fees in England are usually paid with a tuition fee loan from Student Finance, up to £9,790 for a full-time course in 2026/27, paid straight to the university. Saving can therefore go toward living costs or reducing the loan, rather than having to cover fees in advance.

In Europe

Education accounts, child savings schemes and any tax relief on them are set nationally, so check what your own country offers. What EU law does settle is fees. An EU citizen studying in another member state cannot be charged higher course fees than that country’s own students, and is entitled to the same grants toward fees. Grants for living costs are up to each country, but students resident there for five years or more qualify on the same terms as nationals. So studying in another member state does not have to cost more in fees — check what fees and living-cost support the countries you have in mind offer before deciding how much to save.

In Australia

In Australia, two things shape how much to save for a child’s education and in whose name:

• HELP loans — eligible students can defer university fees through the HELP scheme, and repay them through the tax system on income above the minimum repayment threshold — $69,528 for 2026–27. Legislation in August 2025 cut study and training loan debts that existed on 1 June 2025 by 20%.
• Saving in a child’s name — a minor’s unearned income above $416 a year is taxed at special higher rates, reaching 45% on the whole amount from $1,308. Investing in a parent’s name and earmarking it is often simpler.

In New Zealand

In New Zealand, how tertiary study is paid for shapes how much to save:

• Student loans — StudyLink lends for course fees, up to $1,000 a year for course-related costs and a weekly amount for living costs. The loan is interest-free while you live in New Zealand, and interest may apply if you move overseas.
• Fees Free is ending — the scheme, which paid the fees for a final year of study after it was completed, ends on 31 December 2026 with no transitional arrangements. Do not count on it for a child starting later.

In Singapore

• Child Development Account (CDA) — today, under the Baby Bonus, a child gets a First Step Grant of $5,000 (first and second child; $10,000 from the third, for children born from 18 February 2025). The government matches what parents save dollar for dollar, up to a cap by birth order ($4,000 for a first child). The money pays for approved childcare, kindergarten and medical costs.
• Changing — the SG Child Support Package, announced at the 2026 National Day Rally, replaces the Baby Bonus from April 2027. For citizen children born from 2015, the CDA stays open to the end of the year they turn 16 (it was 12). Matching caps become $5,000 for every child from 1 October 2027. Children turning 17 from 2026 receive a one-off $10,000 top-up to their Post-Secondary Education Account.
• Post-Secondary Education Account (PSEA) — receives what is left in the CDA and pays for approved post-secondary courses, earning interest pegged to the CPF Ordinary Account (2.5%). Anything unused moves to the child’s CPF Ordinary Account around age 31.
• CPF Education Loan Scheme — parents can use their CPF Ordinary Account savings for a child’s subsidised full-time diploma or degree in Singapore. The student repays it in cash, with 2.5% interest, starting a year after graduating.

In Hong Kong

In Hong Kong, the government’s policy is to provide 12 years of free primary and secondary education in public sector schools, so the cost to save for depends heavily on whether you choose a private or international school. For university, the Tertiary Student Finance Scheme gives means-tested help to full-time students in publicly funded places: a grant toward tuition and academic expenses and a loan for living costs. Families planning to send a child abroad for university are saving for a cost the scheme does not cover.

In Japan

• Junior NISA stopped taking new money at the end of 2023. Existing holdings stay tax-free, and since 2024 the whole balance can be withdrawn tax-free at any age, all at once.
• Children’s tsumitate NISA, from 2027 — the FY2026 tax reform, enacted on 31 March 2026, opens the tsumitate allowance to children aged 0 to 17, with a limit of ¥600,000 a year and ¥6 million in total. Withdrawals are generally locked until the child is close to 18, but from the year the child is 12 a parent can withdraw for the child’s education or living costs with the child’s consent.
• Education gift exemption ended — the gift-tax exemption for lump-sum education gifts (教育資金の一括贈与) was not extended past 31 March 2026.
• JASSO scholarships come as grants, which are not repaid, and loans, which are.

In India

• Sukanya Samriddhi Account — for a girl under 10, one account per girl. You can deposit ₹250 to ₹1.5 lakh a financial year, and the account matures 21 years after it is opened. Up to 50% can be withdrawn for her education once she turns 18 or passes Class 10, whichever comes first. The interest rate is set by the government each quarter; it was 8.2% a year through 30 September 2026.
• Public Provident Fund — not limited to daughters: a 15-year account taking ₹500 to ₹1.5 lakh a year, with partial withdrawals from the seventh year.
• Insurance-linked “child plans” — set their charges and their cover beside plain term insurance plus one of the accounts above before you buy.

Nivritee’s default education inflation for India is 8.0% a year, against 4.0% general inflation — it assumes education costs rise faster than prices in general — and you can change it. Under Liabilities, the India template lists an education loan among the debts common in India; add any you already carry as a loan.

In Malaysia

• SSPN (Simpan SSPN) — the national education savings scheme run by PTPTN. Net deposits earn income-tax relief of up to RM8,000 a year, extended to the 2027 year of assessment.
• Geran Sepadan — a matching grant of up to RM10,000 per family for lower-income families (basic household income of RM4,000 a month or less), paid when the child enrols in a recognised higher-education course before 29.
• PTPTN education loans — cover all or part of tuition and living costs at local public and private institutions only. A child studying abroad needs other funding.