Industry News
'£300,000 cost' of private education
Posted on 29th October 2007
Parents who intend to educate their children privately from nursery to A-levels as well as support them through a degree may have to pay out around £300,000 for each child if current inflation rates continue, an expert has claimed.
Stephen Jackson, a senior client partner at private banker Coutts & Co, made his comments to the Telegraph and warned parents to start planning for fees early, perhaps even before the child is born.
"While it may seem crazy to save for school fees during pregnancy, when you consider how many people put their children's names on school waiting lists before birth, it makes sense to start thinking about how you will pay for it," he urged.
The cost can depend upon the area in which the family lives, as the average fees in the north are £8,000 a year while in the south-east, the average is just over £12,000 a year, added Mr Jackson.
The Independent Schools Council reports that fee increases between 2006-07 averaged 5.9 per cent. It claimed such rises were the result of rising staff costs, limited supply and utilities prices.
© Adfero Ltd