Coronavirus updates, Keep Calm and Carry On, Week 12…
Funding an independent education…
Given schools are slowly going back, thoughts may be turning to how one might fund an independent education post Covid-19. Whilst everyone will have their own set of unique circumstances when it comes to paying school fees, events of recent months have highlighted the pros and cons of different strategies.
In this week’s blog, we explore various options for managing the cost of your children’s (or grandchildren’s) education, and things to think twice about.
The Financial Times have identified 10 ways to cut the cost of a private education, including advice on scholarships, sibling discounts and how to negotiate. Whilst this article is a few years old, their suggestions remain relevant to managing school fees today. The first suggestion on their list, is to plan early, as the saying goes, “the best time to start saving is now.” Read here
Any aspiring parent wishing to send their children to an independent school will be fully aware of the significant financial commitment to do so. There are currently, or where in January 2020, 537,315 children attending an ISC (Independent Schools Council) school in the UK, most of which are day schools, with annual fees averaging £15,000. JM Finn answer your questions on school fee planning. Read here
For many, the thought of paying school fees for five, ten or even fifteen years looms on the horizon like an insurmountable mountain to climb. Heated discussions can ensue about which schools you should apply to, whether your children should board or not, or even whether private school is the right choice. This all begs the question: how much do you need to earn to afford private school for your children, and what is the best way to fund it? Progeny’s guide “Private School Fees: How to Fund an Independent education”, puts things into perspective. Read here
Never has the education system, in its entirety, been so shaken. Several high profile and respected schools have been forced to close, most noticeably Ashdown House in East Sussex, prep school of Boris Johnson no less. The fragility of these schools’ finances is often inconsequential to parents, until, of course, they go bust.
Why does this matter?
A high number of parents/grandparents opt to pay their school fees upfront, often for a small discount on the fees, but is this discount worth the additional risk? The risk of the school going bankrupt, or that the school is just not the right fit for your child?
The Wealth Consultant is here to help you save and invest for your children’s education. We strive to enable you to better understand their own personal financial situation by providing thought provoking and engaging content that helps to bridge the knowledge gap, leading to financial peace of mind. If needs be, and at the appropriate time, we can introduce you to three wealth managers who will be best placed to serve your needs, free of charge.
Thank you for reading, I hope you found this helpful. Please do get in touch if you would like to find out more about how The Wealth Consultant can help you or to book a consultation.