Industry News
Parents 'saving in secret'
Posted on 14th February 2008
For many parents the cost of a good education for their offspring extends well beyond paying for a top independent school, a new survey has found.
Figures compiled by the Independent Schools Council show the average termly fee at its member schools last year was £3,391 and school fees alone are enough to stretch the finances of most families.
However, research by savings bank ING Direct discovered that many parents are also saving thousands in preparation for helping their children to clear the debts they accumulate during subsequent degree studies.
The study found around half those stashing money away for that purpose choose to keep their savings plan secret in the hope their offspring will learn to budget effectively and the safety net will not be needed, reports the Daily Mail.
Researchers also discovered examples of parents remortgaging their homes and selling possessions in order to pay for their children's education.
The survey's findings come after figures compiled by the Office for National Statistics showed education costs - which include school fees, university fees and private tuition - have risen by 13.2 per cent in the past 12 months.