Private education is five per cent less affordable
Oct 16, 2006
Sending children to a private school is now around five per cent less affordable for the average worker than it was five years ago, a new report reveals.
Research from Halifax Financial Services found that in 2005, private school fees for one child were equal to 35 per cent of the average worker's earnings, compared to 30 per cent of earnings in 2000. This means that the number of professions which are able to afford private education, when school fees account for 25 per cent or less of average earnings, has reduced from 19 to nine.
Among the occupations which can no longer afford to send their child to a private school are pharmacists, IT professionals, architects, police officers and journalists.<br/><br/>Halifax chief economist Martin Ellis said that the rapid increase in private school fees in the past five years had made it increasingly difficult for many parents to send their children to private schools.
With the average private school's fees increasing by 43 per cent since 2000, compared to an average rise in earnings of 30 per cent, parents are having to make savings elsewhere and some may choose to take out a loan to help with meeting costs.
With Secured Loan UK .com, no matter whether you're Status or Non Status, being a Homeowner means we can get you a competitive rate that matches your credit history.
All you have to do is complete our Secured Loan Application Form and let us give you a FREE and NO obligation quote.
