Parents sacrificing pensions for school fees

| September 20, 2007 | 0 Comments

According to a survey by JPMorgan Asset Management, the majority of parents are opting to send their children to private schools by using their savings and investments.

The report by JPMorgan established that 18% of parents make sacrifices to their pensions to fund private education for their children. In addition, one quarter of parents take money from their existing savings and investments.

Furthermore, nearly one third of parents have stopped hobbies and interests so they can pay for private education and many have reduced the amount they spend on a car.

A spokesperson for JPMorgan said these were frightening statistics and that such measures are being taken to finance their child’s education is a concern. The costs of private schooling can eat into savings which some parents may be saving for other financial commitments including a family holiday or unexpected costs and emergencies.

Halifax research has discovered that private school fees have risen by more than 40% since 2002 - to an average of £9,627 a year.

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