5th September 2014
Sending a child to private school cost an average of £12,500 a year, eating up 37% of the average salary.
Private school fees for day pupils have increased by an average of 21% in the past five years, slightly higher than inflation which has gone up 20%, when measured against the retail price index, and four times higher than the rise in average earnings, which has increased just 5%.
Research by Lloyds Bank shows since 2009 the average annual private school fee for day pupils have increased from £10.176 to £12,345 with the largest increases in London, the South East and Wales.
In greater London the cost of fees has risen 26% to £14,544, and is up 24% in both the South East and Wales, costing £13,920 and £11,091 respectively.
The North is the cheapest place to send children to private school with average fees of £9.984, over £4,500 lower than the capital.
As wages have not kept up with the rising cost of private schooling, the percentage of earnings the fees take up has increased to 37% of annual average pre-tax full-time earnings of £33,693, up from 32% in 2009.
Unsurprisingly the cost means a decline in then number of day pupils attending private schools, down 1% over five years.
The total number of senior school pupils aged 11 to 18 has fallen by 3%, although the number of children in fee paying nursery schools has risen by 8% and private junior school day pupils have growth by 1%.
Lloyds private banking director Sarah Deaves said: ‘Private school fees have increased to almost £12,500 a year, which is four times more than the rise in average earnings over the past five years. It is therefore becoming increasingly vital that parents plan ahead as early as possible, to ensure that they secure the future they desire for their children.’