Our children’s future depends on the kind of education they get. As usual, we wish to give them the best kind of education, because they deserve it. I, for one, am willing to move mountains for them so they can study to the best school they want to be in. However, nothing will come to any fruition if I don’t start now. However, moving mountains may be a tall order, and it will never come to any conclusion if I don’t start anything today.
Preparing for one’s education is usually an arduous task. First, you have to understand how much you will have to shell out once your kids start studying in college. Second, you have to account for the current tuition and fees today, and consider inflation as part of the computation moving forward. For instance, if I want my kid to study at Ateneo de Manila University for a 4-year course, I will have to spend PhP170,000 per year today. You can, of course, verify this at Finduniversity.ph. If I include 10% annual tuition inflation on a yearly basis, I will then have to spend PhP485,030 per year or PhP1,940,120 for a 4-year Tuition Fee. Here comes the part where you’re free to feel anxious -- where can I find PhP1.9M in 12 to 14 years?
In 2016, Manulife commission a regional study to look into key trends in connectivity, digital, and social media to get a deeper understanding of its customers across 56 markets. I am familiar with this because, at that time, Manulife was under my radar when I was still working with Pioneer as social media head. They pushed a few insurance relevant ads that may appeal to Filipinos, and used the results as one of the bases for their study.
In the Philippines, based on the result of their study, at least 2 digital devices are beings used per day by a single Filipino, and they spend about 3.2 hours a day online, 74% of the time using mobile internet. That is definitely not a surprise.
In a statement given by Ryan Charland, President and Chief Executive Officer of Manulife Philippines, “Being relevant comes from a deep understanding of our customers and allowing them to decide when and on which platform to engage with us.” He continued, “Gradmaker is intuitive, simple, and designed from the customer’s perspective”.
What GradMaker app does is to prep parents up to what’s to come should they wish to give their kids a bright future. I believe that no parent wishes their kids to not have the chance to study college in a school they want. Accordingly, Manulife proposes an insurance solution that will the parents in various investment yield possibilities -- 4% return, 8% return or 10% return.
For instance, if I’m willing to invest PhP50,000 today, GradMaker proposes, based on 8% return, that it will become PhP122,820 after 13 years. Obviously, such amount is not enough to cover my kid’s college education (PhP1.9M). I can then tweak my investment amount toPhP50,000 on yearly basis up a maximum of PhP2M accumulated purchase for GradMaker. I can even securely monitor the performance of my investment via the app.
As an end-to-end tool, GradMaker promises an amazing app, which no other local insurance company has ever done in the Philippines. It’s an insurance product, made accessible to everyone.
Education is the best gift we could ever give to our kids. They may be too young to realize this now, but the merits of education may only be appreciated by the time they start living away from our comforts.