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19th February, 2014

Parents consider removing children from private schools after sharp increase in tuition fees: Lloyds Bank Private Banking report

Private school fees have risen 24 per cent the last five years¹ prompting concerns among some parents that they may have to remove their children from private education.

The research by Lloyds Bank Private Banking found that 37 per cent of surveyed parents with children at fee-paying schools have considered taking their children out of private education because of high costs.

Furthermore, 57 per cent are concerned they may not be able to afford their fees in the future, while 38 per cent have struggled to meet payment deadlines.

Despite their concerns over high costs, the vast majority of parents said their decision on which school to send their children to was not motivated by cost. Classroom size, school facilities and the quality of teaching in a specific subject were named the most important factors in their choice while only two per cent of respondents said ‘lower fees’ played a key role. Nearly a quarter admit they don’t have a financial plan in place to pay for school fees.

Sarah Deaves, Investment Advice & Private Clients Director at Lloyds Bank Private Banking, said: "The survey suggests that many parents don't want money to be a key consideration in their children's education. But a lack of planning could lead to financial problems that may cause them to consider taking their children out of private schooling.

"With the increased pressure on family budgets, even relatively wealthy parents are feeling the strain of rising school fees, but there are a range of options that can help them plan their finances which could help ease this burden.

"It's worth saving as early as possible for these costs, before children are in full time education. I'd always recommend consulting a financial adviser who can look at a family's overall financial circumstances to help you build a plan that aims to make the costs more manageable".

 

 

 

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