Parents counting the cost of education
17/08/2006
Parents are spending increasing amounts on their children's state school education, it has emerged.
Transport, food and shoes are the largest investments being made, at an average accumulative cost of £7,051, according to new research from Norwich Union.
Additionally, the demand for new technology such as mobile phones and internet access is causing parents to raid their savings for an average of £550 per child.
In total, the cost of sending a child to state school costs parents a total of £14,000, the research reveals.
Norwich Union suggests that this figure has risen 40 per cent (£4,000) in the last four years.
"Many parents think of state schools as being free but the costs are significant," said Simon Quick from Norwich Union.
"Over £1,000 of parents' money gets spent per child each year just covering the everyday costs of sending our children to school.
"This quickly racks up for families with two or three children and with an increase of £200 per child a year over the last four years, parents need to consider the increasing needs and demands of our children."
Financial organisations are urging new parents to use Child Trust Funds (CTF) to fund their offspring's education.
Investment house F&C Asset Management advises parents that topping up CTFs regularly can help build up a "satisfactory pot of money" to cover the cost of education.
Transport, food and shoes are the largest investments being made, at an average accumulative cost of £7,051, according to new research from Norwich Union.
Additionally, the demand for new technology such as mobile phones and internet access is causing parents to raid their savings for an average of £550 per child.
In total, the cost of sending a child to state school costs parents a total of £14,000, the research reveals.
Norwich Union suggests that this figure has risen 40 per cent (£4,000) in the last four years.
"Many parents think of state schools as being free but the costs are significant," said Simon Quick from Norwich Union.
"Over £1,000 of parents' money gets spent per child each year just covering the everyday costs of sending our children to school.
"This quickly racks up for families with two or three children and with an increase of £200 per child a year over the last four years, parents need to consider the increasing needs and demands of our children."
Financial organisations are urging new parents to use Child Trust Funds (CTF) to fund their offspring's education.
Investment house F&C Asset Management advises parents that topping up CTFs regularly can help build up a "satisfactory pot of money" to cover the cost of education.
