Research shows that private school fees rose by 40% in the period 2003-2008*, nevertheless, parents continue to recognise the value for money that independent education offers, and a recent survey by the Independent Schools Council found that record numbers of children were today attending independent schools**.
The hard facts about affording the cost of school fees is that they are paid either from capital and/or income which is either yours or someone else’s – such as a grandparent or another close relative - and that the money has either been taxed or not.
Deciding whether you can afford to educate your children privately is part of your overall financial planning strategy. Rosebank Wealth Management will work with you to examine your own particular financial circumstances and then, once we have the financial analysis, explain your options in order that you can make an informed decision about how best to pay for school fees.
This might mean choosing between retiring early and privately educating the children. It might mean releasing capital from the family home or careful pension planning. In many families, grandparents are keen to fund the cost of their grandchild’s education, and there are many tax efficient vehicles to facilitate this option.
If you want to discuss your own personal circumstances and find out about your options for funding private education for the children in your family contact Rosebank Wealth Management.
*Halifax Press Release 12/07/08
** Independent Schools Council Annual Survey 2008