Claire Gasgoine asks Brewin Dolphin’s Simon Blowey how parents and grandparents can meet the frightening cost of education
Education maketh man, according to the philosopher John Locke. But these days, education can also maketh the man’s parents very poor indeed.
With large school fees increases and the removal of the cap on university tuition fees, it’s never been harder to ensure your child has the education they deserve. Much foresight and planning is needed to mitigate the costs when playing this particular game.
Recent years have seen fee rises, in some cases considerably ahead of inflation; over a generation, fees have risen fivefold from an annual £3,000-6,000 in 1986, according to The Good Schools Guide, with some now pushing the psychologically significant £30,000 barrier.
Even once children are beyond school age there’s little respite; with the raising last December of the government cap on tuition fees to £9,000 a year, university costs are set to rise as well.
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