A growing number of discontented parents are sending their offspring to private rather than state schools, increasing the lifetime education costs of their child to around £150,000, suggests Skipton Building Society.
According to a report produced by Skipton – entitled ‘Financing Your Future’ - as well as later having to cover university costs for their children, the number of parents sending their children private schools will increase from 7% to 14% by 2020. However, as Skipton points out, private school won’t come cheap and could place substantial financial pressure on ill-prepared parents as a child starting private school this September will cost at least £130,000 to educate based on today’s figures. This again is a financial boundary which is likely to expand, as the fees of the average inde...
To continue reading this article...
Join Professional Adviser for free
Signup and gain exclusive members-only insights
- Unlimited access to real-time news, industry insights and market intelligence
- Stay ahead of the curve with spotlights on emerging trends and technologies
- Receive breaking news stories straight to your inbox in the daily newsletters
- Make smart business decisions with the latest developments in regulation, investing retirement and protection
- Members-only access to the editor’s weekly Friday commentary
- Be the first to hear about our events and awards programmes
