I'll be living off my savings

Sorry, I meant the living expenses of your children, this was related to university costs.

Of course, sorry.

In Australia the government pays students a wage, called Youth Allowance[1], that is something between $268 to $400 every two weeks, depending on circumstances. Combined with a roughly ~10 hour per week part time job, I had no trouble at all putting myself through 5 years of Engineering without any debt. I'm confident my future kids can do the same thing, so I won't need to support them in the same way my parents didn't need to support me (once I went to University at 18)

[1] http://www.humanservices.gov.au/customer/enablers/centrelink...