Rise in school fees 'stretching parent's savings'

A rise in the fees charged by private schools is stretching the budgets of parents who are saving for their children, it has been suggested.

According to Hugo Shaw, investment adviser at Bestinvest, a "surge" in the cost of sending youngsters to such educational institutions is acting as "another unwanted burden" on parents.

He stated that people are contending with rapidly rising living costs as a result of increases in such things as fuel bills and food prices, meaning that budgeting for school fees is becoming ever more difficult.

In addition, figures produced by Halifax Financial Services suggest that private school fees have risen by an average of 40 per cent over the last five years.

Commenting on the issue, Mr Shaw said: "Living costs, mortgage costs et cetera have shot up in recent years. Add to this the rise in school fees and it makes for a situation that is more expensive than most parents had been budgeting for."