Private schooling fees rocket, says Halifax Financial Services
www.moneynews.co.uk > Halifax > Private schooling fees rocket, says Halifax Financial Services
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Money News |
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Private schooling fees rocket, says Halifax Financial Services
Mon 9th Oct 2006
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One of the key reasons for this trend has been adjudged to be the 43 per cent rise in the average private school's fees compared to the 24 per cent rise in average earnings since 2000.
This has amounted to private school fees accounting for 35 per cent of the average gross wage, a five per cent increase on 2000.
Halifax chief economist Martin Ellis stated: "The rapid rise in private school fees over the past five years has made it increasingly difficult for many parents to send their children to private schools.
"As a result, the average worker in a number of occupations, including pharmacists, engineers and journalists, can no longer afford private education for their offspring."
The bank's findings operated on the proviso that private school fees accounting for 25 per cent or less of the average gross wage represented affordable schooling.
For senior directors and chief executives earning an average of £132,000 per year, seven per cent of their earnings on private school fees was judged as affordable. However, only eight other professions could claim a similar experience compared to 19 occupations in 2000.
There are currently around 615,000 children attending 2,500 independent schools in the UK. Of these, 92 per cent then go on to university education.
Related News : Halifax |
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