Britain’s private school fees are racing up at almost four times the rate of inflation and average earnings.
Expats with children receiving a private education have seen the cost spiral by 21% in five years.
Someone on an average UK gross salary of £35,148 a year needs to hand over 39% of their earnings to pay the day fees of £13,000 for one child.
And the cost of funding a charge through private schooling from reception to Year 13 will set parents back a massive £152,906, according to a study by Lloyds Private Banking.
During the time fees have risen by a fifth, retail price index inflation has grown by 12% and wages have seen a 6% increase.
Planning for private school fees
The cost of a private education varies around the country, with the most expensive in London and the South-East, mainly because the schools are close to the capital’s airports and motorways for easy access.
Sending a child to a private school in London from reception to 18 years old costs £176,300. Parents in the North pay £53,000 less over the same period.
On average, private schooling in the North costs a third lower than in London at £11,289 a year – but the average annual cost for every region is now more than £11,000.
“The choice of whether to send your child to a private school is an important one for many parents, but increasing fees means that even those on higher salaries may struggle to afford it. It’s ever more important for parents, and sometimes grandparents, to plan their finances as early as possible if they want a private school education for their children,” said Sarah Deaves, Private Banking Director at Lloyds Bank.
Pupil numbers static
Almost 170,000 pupils pick up financial support worth £900 million so they can continue with private schooling with schools funding 85% of this cost – up just under 5% from last year.
They represent around a third of the total number of pupils in private schools.
Although fees are rising, the number of children in private education is broadly similar to that five years ago.
The costs do not include paying for trips, uniforms, books and other add-ons.