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Survey: Parents dipping into pension to pay for private school

Posted on 25th June 2008

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Rising independent school fees mean that a growing number of parents are resorting to dipping into their pension savings to fund their child's education, it has emerged.

According to Reuters, a YouGov poll for Metlife has revealed that almost a quarter (23 per cent) of parents have used their savings for the future to pay for the cost of learning, including extra tuition, university fees and private education.

Chief executive of MetLife UK Ed Gardner told the news agency: "Paying for education is a vital investment in the future of our children, but it is worrying when that investment is being made at the expense of future retirement income."

The study found that an average of £57 a month is being withdrawn from pension funds for education, with this figure reaching £300 in some cases.

Earlier this month Sainsbury's finance suggested that there will be an increase in applications for loans to pay for private school fees as they continue to grow.
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