Parents stretching the finances to finance private schooling

I found this press release in my inbox this morning, and while it is not directly relevant to anything currently on my work sheets, it resonates with me as someone who bit the bullet in the summer of 1996 and committed to taking both our daughters out of the state 'education' system. I'm running it here not as an endorsement of the company involved, which I have not heard of before this morning, but because it tickles my interest as someone who has 'been there, done that'.

Plymouth (25/04/23) – As parents across the country find out which schools their children have been allocated for the 2023/24 school year, other parents are looking away from the state school system and  ways to finance a private education for their children.

Giving your children the best education can come at a high cost.

Whilst for many UK parents the smaller classes and array of extracurricular activities offered by private schools may be out of reach, national IFA firm Continuum has seen an increase in the number of clients looking to factor school fees into their financial planning.

Martin Brown, Managing Partner at Continuum, said: “Your child’s education may be a top priority for you right now, but it is important to make sure you do not stretch your finances to the point where you struggle to make ends meet.

“The good news is that there are many routes you can go down to finance private schooling. The key is to start saving as early as possible. A good independent financial adviser can help ensure you save in a tax-efficient manner as well as ensuring that you have a financial plan in place that works for your other life plans.

“At Continuum we believe that financial advice is for all, not just the wealthy. If a private education for your children is important to you, a good financial adviser can help with financial planning that aims to make that dream a reality.

“Also, don’t forget that many schools offer bursaries and scholarships. The majority of private schools will offer these, some may be means tested and others may be based on the ability of the child in question.”

The average fee for a private school education is between £15,000 and £36,000 per year per child, with fees tending to rise at a higher rate than inflation.

However, for many parents it is still possible to meet these costs without sacrificing retirement savings or living standards.

If a private education for your children is on your wish list, an independent financial adviser can help you get a plan in place with the aim of bringing the dream within reach.