Industry News
Parents urged to plan their finances
Posted on 30th July 2007
Parents considering sending their children to private or independent schools are being advised to ensure they have made adequate financial plans.
According to a new report by Halifax, private school fees have increased by six per cent over the last year, while the proportion of young people taught at such schools has reached 6.7 per cent.
Despite 31 per cent of pupils at Independent Schools Council-affiliated schools receiving financial support from their chosen institution, Martin Ellis, chief economist at the firm, suggested that parents still need to consider the potential costs involved.
"With school fees continuing to rise by more than inflation and private education proving increasingly popular, parents need to plan their finances as early as possible if they want to afford private schooling for their children," he remarked.
Last week, the Association of Investment Companies said that many parents were underestimating the cost of sending their children to university.
According to the organisation, 26 per cent of parents expect to finance their child's time at university themselves, despite the average graduate debt amounting to £13,252.