Mums and dads are looking to their own parents to help fill the money gap when it comes to paying for private school fees, according to a new study
Research by Investec Wealth & Investment found that on average grandparents are paying a third towards the cost of their grandchildren’s education.
Over 1,000 parents took part in the research with many saying their mum and dad contribute over half of the total cost.
Parents thinking about private education can expect to pay on average £15,675 per year for daytime schooling and around £30,369 for boarding school.
Chris Aitken from Investec Wealth & Investment said: “For many families educating kids privately is only an option if they receive a financial leg-up from the grandparents.
“And it doesn’t stop there; grandparents are increasingly paying towards university and even home deposits for their grandchildren too.”
Findings from the research revealed that 13 per cent of parents whose children have gone to university have done so with financial help from grandparents.
Mr Aitken added: “While many grandparents prefer to see their money being put towards helping the younger generation get on in life, they need to ensure they have enough for themselves, particularly if they end up having to pay for long term care.
“Likewise, parents shouldn’t become overly reliant on their grandparents’ generosity as circumstances can quickly change.”
According to the Independent Schools Council’s 2015 Census, the average cost of private education has increased by 3.6 per cent between 2014 and 2015.
Choosing the right school for your child is a big decision for any parent.
Many will be looking for a school that will give them the best possible education, as well as taking in other factors like the chance to make friends and get involved in new activities.