Revealed: the spiralling cost of private education in the UK
Christopher Furlong / Getty Images
But the cost of sending a child to private school in the UK has increased massively over the past five years, according to research by Lloyds Bank.
Parents who opt for fee-paying schools can now expect an average bill of £156,000 over their school career.
The highest fees were in London, where the average cost of a private education is £179,000.
Parents in the north can expect to pay significantly less, at £126,000.
The figures were based on a child who entered primary school in 2003 and left in 2016.
Here's the breakdown by region:
ICS (data accurate as of January 2016) / Lloyds
To make matters worse, fees have risen four times faster than average earnings.
This means that the average annual private school fee represents 39% of the average salary of £34,500, making it increasingly difficult for an average earner in most occupations to afford the spiralling cost.
Fees are also rising well above inflation: average annual fees have risen by 21% in the last five years. Currently 7% of children in the UK attend private schools, and that figure hasn't changed in the past five years despite the rising costs.
Sarah Deaves, private banking director at Lloyds Bank, said: "With average annual fees at £13,341 per child and the compulsory school leaving age now 18 years, many families may well feel some strain.
"It has, therefore, become increasingly important that parents, and sometimes grandparents, plan their finances as early as possible if they want a private school education for their children," Deaves said.
- I'm an interior designer. Here are 10 things in your living room you should get rid of.
- A software engineer shares the résumé he's used since college that got him a $500,000 job at Meta — plus offers at TikTok and LinkedIn
- Higher-paid employees looking for work are having a tough time, and it could be a sign of a shift in the workplace
- 7 scenic Indian villages perfect for May escapes
- Paneer snacks you can prepare in 30 minutes
- Markets crash: Investors' wealth erodes by ₹2.25 lakh crore
- Stay healthy and hydrated: 10 immunity-boosting fruit-based lemonades
- Here’s what you can do to recover after eating oily food
- Nothing Phone (2a) blue edition launched
- JNK India IPO allotment date
- JioCinema New Plans
- Realme Narzo 70 Launched
- Apple Let Loose event
- Elon Musk Apology
- RIL cash flows
- Charlie Munger
- Feedbank IPO allotment
- Tata IPO allotment
- Most generous retirement plans
- Broadcom lays off
- Cibil Score vs Cibil Report
- Birla and Bajaj in top Richest
- Nestle Sept 2023 report
- India Equity Market