Private school costs rise by 21% in five years
Private school fees for day pupils have increased by an average of 21% in the past five years, a rate of growth that is , marginally faster than the increase in the Retail Price Index (RPI) at 20% over the same period, and four times more that the rise in average earnings (5%), according to latest research by Lloyds Bank. Since 2009 the average annual private school fee for day pupils has increased from £10,176 to £12,345 in 2014.
Largest increases in South East, London and Wales
Regionally, the biggest rises in the past five years have been in Greater London (26%), the South East and Wales (both 24%). The next biggest increases were in the South West and the North (both 22%). The lowest average increases in annual fees were in the West Midlands, East Midlands and East Anglia (all 21%) and Scotland (20%).
Average annual day fee in London over £14,000
Private school fees are highest in southern England with average annual fees in Greater London of £14,544 and £13,920 in the South East. The lowest average fees are in the North (£9,984) – over £4,500 lower than in the capital - and Scotland (£10,431). In 2009 the only regions where the average annual fee exceeded £11,000 were Greater London and the South East; in 2014, average annual fees exceeded £11,000 in every region except the North, Scotland and the West Midlands.
Private school fees have increased as a proportion of estimated average earnings
The average annual private school fee in 2014 of £12,345 is equivalent to 37% of annual average gross full-time earnings of £33,693; a rise since 2009 when the ratio was 32%. With school fees rising more than earnings, it is becoming more difficult for some to send their children to private school.
One third of private school pupils receive financial help with their fees – average annual value of assistance rises to almost £4,687
In 2014 the number of pupils receiving a financial contribution towards the payment of their school fee reached 166,268 (33.4% of all pupils in Independent Schools Council (ISC) member schools, up slightly from 33% in 2009). The average value of school funded fees is £4,867 in 2014.
Decline in private school pupil numbers since 2009
The total number of day pupils attending private schools has declined slightly (-1%) over the past five years. The number of senior school pupils (11 to 18) has fallen by 3%. On the other hand, the number of children in fee paying nursery schools has risen by 8%, day pupils in junior schools have grown by 1% and day pupils in sixth forms by 4%.
Sarah Deaves, Private Banking Director at Lloyds Bank, commented: "Private school fees have increased to almost £12,500 a year which is four times more than the rise in average earnings over the past five years. It is, therefore, becoming increasingly vital that parents plan ahead as early as possible, to ensure that they secure the future they desire for their children.”
