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An education fit for a king would cost parents more than £1,500 a month

Parents wanting to give their children the same private education as Prince George will need to save £1,504 a month from the day their child is born, according to new figures from mutual financial services specialist Wesleyan.

Prince George is about to begin his first term at Thomas's Battersea, a top ranking private school in London where fees start at £17,604 a year.

If he then goes on to study at Eton, like his father, Wesleyan has calculated his school fees to the age of 18 could cost a total of £355,146*.

Any parents wanting a similar education for their child would need to save £1,504 a month in a easy access savings account to cover these costs until the child leaves school at 18.

Assuming their savings earned an average of 1.05%** a year interest, and that the school fees did not increase over the next 14 years, the interest earned on the investment would more than cover the cost of the final two school terms at Eton (£24,708), so saving early is key.

The amount to be saved goes down to £1,010 a month from the child's birth if parents choose a school with more typical fees, as the average cost of private schools now stands at £13,419 a year***. This rises to £2,600 a month if the child boards with annual fees of £32,259****.

Vicki Wentworth, Wesleyan's Chief Customer and Strategy Officer, said: "Every parent wants to give their children the best possible start in life - whether that means finding the best state school or paying for private education.

"For those who choose to pay for private schooling, the message is to start saving as soon as you can. The interest earned on a good long-term investment product could cover part of the school fees.

"Fortunately, there are lots of ways to save, from ISAs through to Trust Planning. Getting financial advice early on can ensure that parents have the right plan in place to cover fees over the course of their child's education."


* Prince George's school fees - Calculation based on the current average yearly fee for Thomas's Battersea and Eton (2017/2018)

** Interest rate based on Top Cash ISAs 2017-18 on MoneySavingExpert.com

*** Day fee day school - Calculation based on current average annual fee for day fee day schools (2016/2017) of £13,419, with an annual inflation in fees of 3.6% applied for the life of the child's education up to and including A-Levels. 3.6% is the average rate of fee increase reported by the Independent Schools Council (ISC) for day fee day schools in its annual census based on a survey conducted in January, 2017

**** Boarding school - Calculation based on current average annual fee for boarding schools (2016/2017) of £32,259, as estimated by the Independent Schools Council, with an annual inflation in fees of 4.1% applied for the life of the child's education up to and including A-Levels. 4.1% is the average rate of fee increase reported by the Independent Schools Council (ISC) for boarding in its annual census based on a survey conducted in January, 2017.

For more information on the Independent Schools Council (ISC) census 2017 can be found HERE

'WESLEYAN’ is a trading name of the Wesleyan Group of companies.

Wesleyan Assurance Society and Wesleyan Bank Ltd are authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Wesleyan Financial Services Ltd, Wesleyan Unit Trust Managers Ltd, Practice Plan Ltd and DPAS Ltd are authorised and regulated by the Financial Conduct Authority.  Advice about investments, insurance and mortgages is provided by Wesleyan Financial Services Ltd.

Click for more information about the Wesleyan group of companies.

© 2018 Wesleyan Assurance Society