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We all know that a private school education doesn’t come cheap but is it worth the money? Sending a child to private school in the UK for the duration of their education is now estimated to cost over a quarter of a million pounds, significantly more if the child boards. This represents a fourfold increase over the last quarter century.
Whereas in 1990 a doctor would have spent around 17% of their income on private schooling, that figure has risen to 38%. That means that the average family wanting a private education will have to make big sacrifices elsewhere, and begs the question whether such a large sum spent on an education represents a good investment.
If a family opted for free state schooling instead, and invested the money they would have spent on private school elsewhere, would the benefits outweigh those of a private education? An article in The Guardian suggests that the answer is a resounding ‘yes’, pointing out that the amount it would cost to put a child through the private system (£236,000) invested over a child’s lifetime could produce a return of £800,000, a sum which could cover the cost of university, a substantial deposit on a house and fund a pension pot of £500,000, setting your child up for financial security for life.
Some might question those figures and the argument ignores the higher potential earnings of those who have attended private schools. Not to mention the fact that you cannot monetise all the benefits of sending your child to an independent school. Many go the private route to send their children to an establishment with better resources, a wider choice when it comes to both academic subjects and extra-curricular activities such as sports and music, smaller class sizes and so they can flourish in an environment where learning is valued by students and parents alike.
No doubt some of these reasons contributed to the fact that private school admissions reached a high since records began this year, boosted by increasing numbers of foreign pupils seeking that highly coveted British private education.
Of course, the question of whether to send your child to private school or not is irrelevant for many expats who have no other viable option. So how do you build up the capital investment you will need to fund your child’s education? The answer is to start early and to save regularly. Many of our clients have benefited from Infinity’s expertise in this field to help them fund the best possible education for their children. One of our financial advisers would be happy to discuss how we can help you to help your child get the best possible start in life.