Paying independent school fees delays retirement for most parents, study shows
Around 25% of parents reported taking fewer or cheaper holidays and 29% worked extra hours, according to Premium Credit’s School Fee Plan study.
Paying independent school fees has delayed retirement for 61% of parents with privately educated children, according to Premium Credit’s School Fee Plan study.
Nearly half said the delay would be five years or less, while 4% said they would never be able to stop working.
Around 25% of parents reported taking fewer or cheaper holidays, 28% said they eat out less, and 29% worked extra hours.
About 17% have gone into debt.
The introduction of VAT on school fees last January increased pressure, with 17% of parents taking on extra work or second jobs and 15% consulting financial advisers about selling investments.
Some parents are considering taking children out of independent schools, with 12% planning to do so and a further 27% thinking about it.
Nearly half of these parents said at least one child would stay at an independent school, mostly for GCSEs or A-levels.
66% planning to keep one child at an independent school said exams were the main reason.
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