The cost of private education has increased by more than a fifth in the past five years, far outstripping the rise in average earnings, according to latest research.
Over the past five years, school fees have increased 21 per cent, from £11,448 in 2012 to £13,830. This is almost four times faster than average earnings and 9 per cent above inflation.
The average annual private school fee in 2017 is now £13,000. This is equivalent to over a third (39 per cent) of the annual gross full-time earnings of a parent on an average UK salary of £35,148.
Parents of school leavers in 2017 who started reception in 2004 have paid a UK average of £156,653 in fees.
Those who have sent a child to private school in London since 2011, have paid the highest in Britain – on average £85,938 – £27,000 more than parents in the North who paid the lowest (£58,629).
Sarah Deaves, Private Banking Director at Lloyds Bank, comments: “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.”
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