With the new school term rapidly approaching, parents who choose to send their children to private education could well be set to find pressure on their
In figures released by JPMorgan Asset Management (JPMAM), the majority of mothers and fathers surveyed are making a number of financial sacrifices in an attempt to
Findings from the financial services firm also indicated that 31 per cent of parents have either had to cut back or give up their hobbies, with 30 per cent claiming that they have to rein in spending on their car. Meanwhile, just over three-quarters (76 per cent) of respondents claim that they do not receive any sort of financial assistance, such as a bursary, grant or scholarship, to help with the cost of fees.
Commenting on the study, James Saunders Watson, head of sales and marketing for investment trusts at JPMAM, claiming that by organising their
Overall, the chance to provide their offspring with a better standard of learning was the main reason why parents opt for private education accounting for 81 per cent of decisions. Meanwhile, just over half (54 per cent) are reported to make such a choice as a result of nearby poor-quality state schools, with 53 per cent claiming that they send their children to such institutions simply because they can afford to do so.
“While many parents may think sending their child to private school is the preserve of the privileged, our research shows that more than half of parents took this decision because they felt it was the only viable option for their child due to a lack of sufficient state schools in their neighbourhood. In doing this they are committing a large chunk of their
For those struggling to manage their
Meanwhile, two-fifths of Britons in their 40s are revealed to owe over 20,000 pounds, as older consumers were shown to have greater problems handling their money. The financial services provider also indicated that a tenth of respondents aged 58 and above owe so much money that they are not in a position to make repayments.