School fee planning is a niche area of advice that we offer at Banner Jones Wealth Management, however it is incredibly sought after.
Those that send children to private school realise the significance of covering these costs in the most efficient way. They can become a huge burden without proper advice, if they are not properly planned and managed.
Here are the top three questions parents ask about private school fees:-
- Can we afford it? (Average school fees are now approx. £300,000*)
- Is there a more efficient way to pay?
- What impact will school fees have on our lifestyle?
Without definitively answering these questions school fees could seriously damage your wealth!
The Telegraph reported that 4 in 10 parents fear that they could run out of money before their children’s’ education is complete**
Why is this important?
We like to think of school fees planning like architecture. Without an Architect and a good design plan a building may be ugly and inefficient, it may even collapse altogether. In the same way, without a school fees plan you will probably lose out on substantial benefits and efficiencies and at worst your life could end up in financial turmoil.
What’s in it for me?
1. Make school fees more affordable
2. Protect against life’s big pitfalls
3. Improve cost and tax efficiencies
4. Build school fees into your overall financial life plan
5. Manage cash flow
6. Peace of mind
In reality our clients often save thousands, improve their long-term lifestyles and often significantly reduce their tax liabilities! If any of these would appeal to you, get in touch today by calling 01246 560570 or email firstname.lastname@example.org.
* Based on the Independent School Council Census 2013, a 4 year old child going into Reception in Autumn 2013 would incur the following fees throughout his/her education, allowing for the 3.9% annual inflation rate from 2012 - 13 (the lowest since 1994). We have taken the average fees by category for this year applying the annual inflation rate for 2012/13 from the Census.
Primary School (4 – 10) - £76,965
Secondary School (11 - 15) - £111,834
Sixth Form College (16 – 17) - £61,650
University Tuition Fees (18 – 21) - £46,152
Total - £296,601