Money News
Private school fees have risen by 40% over the past five years - the cost of a private school education for day pupils has increased by more than twice the rate of inflation since 2003, according to new research from Halifax Financial Services.
Martin Ellis, Chief Economist at Halifax Financial Services, comments, "This has made it increasingly difficult for the average worker in many occupations to afford a private school education for their offspring. It has, therefore, become increasingly vital that parents plan their finances as early as possible if they want private schooling for their children."
Over the past five years, annual private school fees in Great Britain have risen by an average of £2,931 to £10,239 in 2008 from £9,627 in 2003. Over the same period, retail prices increased by 18%. Fees have increased most rapidly in the South West with the average fee rising by 48% from £7,188 in 2003 to £10,671 in 2008. The slowest growth in private school fees over the past five years has been in the West Midlands (30%).
The South East (£11,379) is the most expensive region for private school fees, followed by Greater London (£11,361) and the South West (£10,671). At the other end of the scale, private school fees are least expensive in the North at £8,361; 27% lower than in the South East.
The number of pupils attending a private school reached 677,000 in 2006/07, an increase of 5.6% (36,000) since 2001/02. During the same period, the number of pupils attending a state school has declined by -3.4% (-325,000) to 9.1 million.
The average annual private school fee in 2008 is equivalent to 33% of annual average gross earnings - in 2003 the comparable ratio was 28%. With school fees rising by significantly more than the rate of inflation, it has become more difficult for the average earner in many occupations to send their children to private school.
The number of pupils at ISC member schools who receive a financial contribution towards the payment of their school fees reached 158,420 in 2008, a 1.0% increase on 2007. Pupils who receive financial help now account for 31.4% (31.9% in 2003) of all pupils at ISC schools with the schools membership being the highest contributor, providing assistance to 24.6% (22.6% in 2003) of all pupils.
14 July 2008 © Moneyextra.com
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