Parents hope kids choose life skills over money

Almost nine in ten parents (86%) hope that their children will become well rounded individuals who are motivated by more than just money; and place importance on education as an enabler (84%), according to new research from Skandia, the long-term investment provider.

With recent reports that the average annual cost of private schooling has risen by 40 per cent over the past five years to more than £10,000, Skandia questioned almost 2,000 people across the UK to discover their hopes and fears for their children’s future. The research suggests that almost one in five parents (17%) now fear that they will not be able to afford the type of education they would like for their children.

For parents who choose the state system, catchment areas are also a matter of concern with 14 per cent of parents complaining that house prices in areas close to good schools are prohibitive. This appears to be a particular problem in London, where one in four (23%) parents feel that they are priced out of key areas. The findings add weight to the educational ‘lottery’ debate whereby a postcode could dictate the standard of a child’s education.

Regardless of whether parents would prefer to send their children to private or state school, their aspirations for their children remain the same across the board. The majority of parents (84%) are keen for their children to achieve qualifications that give them access to not only well paid, but also secure jobs, while one in two (53%) hope their offspring outstrip them when it comes to qualifications.

Alongside education, parents are also concerned about their children getting into bad company – either at school or in their local area. At a time when knife crime amongst young people is a growing problem, almost nine in ten (85%) parents worry that their child may fall in with the wrong crowd. In London, this figure rises to 92 per cent.

Saving for the future

Almost one in three parents (29%) are already saving to help give their children a better education. Of those people who worry about not being able to afford to send their children to private school, 14 per cent are already putting money aside for school fees and a further 21 per cent intend to do so when they can afford it.

Similarly, parents are also saving so they can afford a house within the catchment area for a good school. One in ten parents (11%) are already actively saving for this and a further 14 per cent will set up a new house fund as soon as they have money to spare.

Michelle Cracknell, Strategy Director at Skandia, commented: “With the recent focus on education and youth crime, it’s not surprising to see that parents are placing greater emphasis on their children being ‘a good citizen’ than on being rich. However, parents still believe that money will help give their kids a good start in life – either by funding private education or moving to live within the catchment area for a good school.

“In the current climate of rising costs, it’s worth parents seeking financial advice to help them find innovative saving solutions that will enable them to achieve the education that they want for their children”

For more information, visit skandia.co.uk