How much money do I need to earn to send my children to private school?
Private schools have voiced fears many parents will no longer be able to afford to educate their children privately if Labour goes ahead with plans to charge 20 per cent VAT on fees.
So how much do you actually need to earn to make private school education viable?
How much does private school education cost anyway?
According to the Independent Schools Council, private school fees jumped considerably in 2023. On average, fees were up by 5.6 per cent on average at a time of unprecedented inflation. At day private schools, fees increased by 5.8 per cent, to an average of £5,552 per term.
Fees depend on where schools are based in the UK, though. In London day private school fees are at their highest, coming in at an average of £6,676 per term.
In the North West, which has the lowest average across the UK, you should expect to pay around £4,023 per term.
In Scotland meanwhile, fees for day private schools cost an average of £4,672.
How much does private boarding school cost?
Of course, boarding schools cost a fair bit more than day schools, and their prices are also increasing.
Boarding private schools are charging on average £13,002 per term, a jump of 5.2 per cent on 2022. In London, fees are at their most expensive when it comes to boarding schools, with an average term costing £14,692.
In Yorkshire and the Humber though, the lowest average across the UK, private school fees come in at £8,125. In Scotland, you can expect to pay an average of £12,659.
What impact is inflation having?
All the while of course, inflation is raging and wages are struggling to keep up.
From December 2022 to December 2023, inflation stood at 4.2 per cent, according to the Consumer Prices Index. In the three months to November 2023 meanwhile, regular earnings were up 6.6 per cent in comparison to the same period in 2022.
Could the cost increase further?
This gap between wage increases and private school fee increases could also widen further.
Last October, i revealed plans by Labour Party leader Sir Keir Starmer to introduce 20 per cent VAT on private school fees. The party said this could raise £1.7bn to spend on improving education standards in the state school sector.
The party said it could introduce the scheme within the first year of it winning the general election, meaning it could be in place by the academic year beginning September 2025. Such an increase would dramatically affect how much you pay to send your children to private schools.
Can you afford private school fees?
To take that jump to private schooling and to be sure you can afford it, you can use the School Fees Checker website to see how much private schools cost in your neighbourhood.
On top of the school fees, parents will need to cover uniform, books and transport, so your costs will be significantly larger than just the private school fees.
Are there other ways to afford private school fees?
With prices up, you might need to make some changes to afford private school.
Saving early for private school is one option, while you could also use some inheritance to pay for private school education too.
Looking for a bursary or scholarship at the specific school can also soften the blow.
Some schools do publish the wage threshold required for bursaries – earn above that and you will not be able to apply for bursaries at the school.
