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Parents 'must start saving early' for private school fees

Posted on 19th June 2008

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Private school is affordable for parents as long as they start saving efficiently early enough, according to a financial expert.

Speaking to the Daily Mail, Daris McDermott of Chelsea Financial Services noted: "As long as you start early enough it's possible to build a big enough sum to fund at least one child through private school."

He cited figures indicating that if both parents use their maximum individual savings account (Isa) entitlement, they could save a total of almost £150,000 over a decade, which could be worth around £213,000 if each tax year is begun with a lump-sum deposit.

And adviser at Rowan & Co Tim Cockerill noted that "riskier investments" are necessary for parents who want to pay independent school fees, while at the same time ensuring that two years' worth of funds are kept in savings just in case.

Sainsbury's Finance recently suggested that there will be a rise in applications for loans to fund rising fees for private schools.
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