Research reveals the annual cost of sending a child through private education

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17th July 2015 16:47 - Education

A recent study has revealed that it costs approximately £286,000 to put a child through private education for the full 14 years.Figures show cost of private education is £286,000 on average

The research showed that the average annual fee for private education currently stands at £13,194 and boarding fees costs around £30,369 on average.

The survey – conducted on behalf of wealth management providers, Killik and Co – also found that private education costs an average of £286,000 for a day place and £468,000 for those boarding. Both figures represent the cost of putting a child through education from primary school, through to A-levels.

In the UK, London is the most expensive place to send a child to private school, with the average day school place costing £15,000 per year.

On the other hand, North England and Scotland were the cheapest regions of the UK for private education, costing £10,400 and £10,700 per year, respectively.

The survey of 250 parents of children in private education found that 37.2 per cent considered private education as an “investment priority”.

Of the respondents, 34 per cent said that small class sizes were the main factor that they’d considered when choosing to send their child/children to private school.

The reason behind 24.8 per cent of parents’ decisions to send their children to private school was due to the connections the children will get, although, 18 per cent said that they sent their children because either they had previously been educated at a private school, or a family member had.

Managing Director of Killik Financial Planners, Sarah Lord, said of the findings:

"The cost of private education is eye-watering for many families. However, over a third of parents responded that investment in education is one of the best investments they can make.

"Of course, private education is not going to be viable for everybody. For some, it will make much more sense to opt for a good state school and invest the money elsewhere.

"Indeed, 14 years of day school fees from 2015 could be invested over this time to build a potential sum of around £800,000, which would help children later on in life, whether that be funding university, buying a house, or securing a comfortable retirement."

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