When considering the cost of education for your child, the initial questions you will no doubt be asking will centre on the value of the investment in your child’s future and not the actual price it will cost you…the value of education versus the cost.
The investment that any of us makes in our child’s education and future is the greatest investment that we can ever make. Doing the best that we can for our children and setting them up for their future is the best gift that we can give.
Is a private school education best for your child?
Clearly every child is unique; and as parents we all want our child to retain their individuality and to grow and develop into confident, independent, respectful adults with a wide cultural, social and educational awareness. Therefore every decision about whether a private school education is best for a child will be unique and will depend upon so many different factors.
The town in which you live, even the area of the town in which you live can dictate the standard of education that your child will be entitled to.
The considerations that you need to have in mind should encompass the following points: -
· Are you happy to be at the mercy of the local education system?
· Is your local government doing enough to fund and develop and improve state schools?
· Do the best local schools guarantee places to the best pupils?
· Does your child stand a chance of getting the education they deserve?
· Are you happy to leave your child’s education to chance and play the lottery of the state school
· If only those children who leave education with the best qualifications stand a chance of getting the best jobs, will your local, state funded school provide your child with the best chance to achieve the best qualifications?
· Class sizes, teachers’ qualifications, facilities, availability of extra curricular activities for social and personal development.
· Recognition, appreciation and ability to help special needs and specially gifted children.
How do you ultimately decide – private or state?
There are 3 clear points that you need to cover: -
i) You need to make sure that you understand how important it is to you that your child has a good education.
ii) Then you need to understand what that means to you in terms of selecting the right school and the right schooling method.
iii) Finally you need to accept that it is down to you to take the responsibility of providing your child with the educational opportunities to set them up for life.
The Cost.
In the UK average private school fees in 2004 are just over £3,000 a term for education, and average boarding fees in 2004 are just under £6,000 a term in addition to education. Furthermore, the demand for private schooling in the United Kingdom in 2004 is up for the 9th year in a row.
Carefully examine the registration, entrance and school fees together with boarding fees and extras when you research your preferred schools.
If you have more than one child then obviously multiply costs applicably.
Also take into consideration inflation if you are planning ahead for the education of a young child – and inflation in educational spheres is currently running at about seven and a half percent per year.
Affording to give the Greatest Gift
On a financial level there are many options available to you when it comes to the planning for, saving for, financing of and enabling your child’s education.
Plan now.
If you want to start saving or want to put away a lump sum to cover the investment in your child’s future, today couldn’t be a better day to start.In this instance it really is a case of not putting off until tomorrow what you can do today – can you afford to neglect your child’s future?
Contact one of the IFA’s in our database of registered financial advisers.Let them help you today.
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