Private and Public school kids still land the top jobs

With public school children being 10% more likely to get the ‘Elite jobs’ and class becoming even more a predictor of success*, it’s no wonder that aspirational families want to send their little ones to an independent school.

But therein lies the rub, private School fees aren’t getting any cheaper!  Putting your child through private school is a massive financial commitment, and as if School fees aren’t enough already, they increased by a 3.9% last year (ISC Census survey 2013).

However, with a little bit of advanced financial planning, Independent Schools will no longer be only the preserve of the rich and famous and will be within reach. If you’re looking to have your child educated in an Independent School, then you are best off starting to build an investment fund the moment your child is born. This gives you at least 10 years to build a fund for a secondary school that they could attend.

It’s all very well for us to suggest ‘forward planning’ of your finances, and we know how difficult it can be when you’ve so many other demands on your disposable income. But the rewards are great, and it’s this that you have to keep firmly at top of mind.

Searchlight Investments is incredibly well placed to advise people on whether they can afford the fees, or what sacrifices might have to be made.  Their Lifetime Cashflow Planning software can model unlimited scenarios to help clients understand the impact of rising school fees and just what they are taking on if they opt out of the state sector.

Director Richard Pipe says “I have first hand experience of paying school fees and to be honest, I can’t remember an annual increase as low as 3.9%.  In many years, the annual increase was over 10%.  I have recently paid the final invoice for my daughter’s education.  In April 2004, her fees were £1,868.15 for one term.  In April 2014, the fees were £10,918.65 for her final term.  We planned many years ahead of time, thought we knew exactly what we were letting ourselves in for financially and it has still been an incredible struggle.”

There are several different approaches parents can take to help make school fees more accessible.  Whatever way you choose to do it, it’s worth thinking about right now.

Searchlight Investments can help you plan your investments to meet your aspirations and needs for the future. If you have any questions, please get in touch with Richard Pipe, 01923 896 189

 

*according to a study by the Social Mobility Commission 2013.

 

 

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