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Parents need a financial plans for children’s education during the Covid-19 pandemic

Tesla Education 21 Jun, 2021 3:58 pm

In the face of changes in the workforce during the Covid-19 pandemic, parents should carefully prepare their children’s education investment to proactively face unexpected changes. In a large and complex scale, the world in general and Vietnam in particular are facing many new challenges of the fourth wave of Covid-19, which is expected to weaken the recovery momentum of the economy.

The Covid-19 pandemic put the world in a state of VUCA

According to the International Institute for Sustainable Development (IISD), the prolonged Covid-19 pandemic has put the world in a state of VUCA. In particular:

  • V (Volatility): The world has been drastically changed by Covid-19.
  • U (Uncertainty): It is not possible to confirm when the pandemic will end.
  • C (Complexity): The pandemic has deeply affected every aspect of life.
  • A (Ambiguity): There is no clear way to prevent the damage caused by the pandemic.

In a Joint Statement of the ILO, FAO, IFAD and WHO, it is estimated that more than 800 million people lack food (as of the end of 2020). Millions of businesses around the world have to operate in moderation. Nearly half of the 3.3 billion global workforce is at risk of losing their jobs.

The COVID-19 pandemic has resulted in severe human losses worldwide and poses unprecedented challenges to public health, food supply chains, education and jobs.

The need to invest in education for Gen Z

Besides the negative effects from the Covid-19 pandemic, the world still witnessed remarkable changes in the 4.0 industrial revolution. Covid-19 has become a catalyst for increasing global connectivity through the online operation of all activities, especially in the field of education. As a result, the traditional form of education may no longer be able to fully provide the important skills for the young generation in the face of a rapidly changing world.

Parents need a financial plans for children’s education during the Covid-19 pandemic
A modern educational environment creates a foundation for students to thrive

In the future, the world may still fall into a similar VUCA situation. Therefore, the right educational orientation from parents is an important condition for our children – Gen Z (born between 1995 and 2012) to have the courage and skills to overcome all challenges and stand out from their peers.

Gen Z is the generation born and raised in the condition of inheriting the conveniences and knowledge of the technology age, having high creativity and knowing how to assert themselves. They are expected to become the new force of the “flat world”, making breakthroughs in all fields.

In order to do so, they need to enjoy an international education – where global knowledge and global skills are carefully equipped for them. Only the early education investment from parents will certainly give their children the opportunity to experience a learning environment of international standards.

Parents need a financial plans for children’s education during the Covid-19 pandemic
Gen Z is expected to make many breakthroughs in all fields

Financial planning for children’s education in the Covid-19 pandemic

At any time, parents need to develop a financial plan for their children’s educational journey. Without this foundation, they may be at a disadvantage with their long-term goals of studying in an international environment.

At the same time, in order to share difficulties with parents during a prolonged pandemic, international schools have launched many programs to support tuition fees or investment in education. It is essential that we have an education savings package, taking into account family economic conditions while still ensuring children’s study in an international environment.

Parents need a financial plans for children’s education during the Covid-19 pandemic
An investment in education is an investment in your children’s future

Experts predict that the economy will need at least 3 years to recover after the pandemic ends. Therefore, 2021 is the pivotal year for parents’ important decisions regarding their children’s education. An educational investment solution that is economical, stable and suitable for family economic conditions is absolutely necessary. While some people are hesitant to invest in long-term education, many parents have boldly built the foundation for their children’s future.

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