Family Office
Grandparents Are Stepping In To Help Pay Spiralling Private School Fees
The astronomical cost of sending children to private school means grandparents are now stepping in to foot the bill, the latest research by wealth manager Towry reveals.
The astronomical cost of sending children to private school means
grandparents are now stepping in to foot the bill, the latest
research by wealth manager Towry reveals.
School fees have quadrupled since 1990 and sending a child to
private school now costs nearly £15,000 per year on average,
while the total cost for sending two children through school is
£526,000 ($871,000).
Andy James, head of retirement planning at Towry, says that a
family with three children all of school age could therefore be
looking at a current annual outlay of around £50,000 when adding
in costs such as school trips, uniform and equipment.
“If sending your child to an independent school is one of your
goals, you should plan early – perhaps even from the birth of
your children. Over an 18 year period the £263,000 needed for
educating one child at a private day school would likely require
you to put away around £1,200 each month into an investment
scheme,” said James.
It is little surprise then that grandparents are chipping in with
8 per cent contributing directly to their grandchild’s school
fees.
