Private education 'to cost £129,000'

The cost of private education has risen above the rate of inflation

The families of children born this year face an eventual £129,000 bill if they want to educate them privately, a study suggests.

The merchant bank JP Morgan Fleming said the projected cost of schooling from the ages of 11 to 18 meant parents would have to put aside £550 a month between now and 2014.

Day fees have risen by an average of 6.9% annually for the past four years, more than the current inflation rate of 2.9%.

They now stand £2,936 a term, according to the Independent Schools Council (ISC).

Rising popularity

Simon Crinage of JP Morgan Fleming, said: "With fees rising well above the rate of inflation, it is important that parents plan for their children's education as early as possible.

"Financing your child's education requires serious financial planning and commitment.

"Parents need to work out how much their children's education will cost, so they can try to budget. Of course, meeting those costs will depend on how much they can afford to contribute each month and how much risk they're willing to take."

The ISC, whose member schools educate 80% of pupils in the private sector, has found parents of boarding pupils are paying an average of £16,776 a year.

A spokeswoman said: "The sooner parents plan, the easier they will find it. Taking good financial advice is the most important thing."

Despite the increased costs, a Department for Education and Skills survey last year found that private schools in England accounted for 580,300 children, up from 571,600 in 2001.

This represented 7.09% of the country's 8,187,200 pupils.