CCR Magazine

CCRi banner ad
You are here  :Home arrow News arrow Parents relying on grandparents to pay for school fees
Contact Us Newsletter Signup RSS Feeds

Latest News Headlines

Headlines

 
Commercial Credit News

Headlines

 
Parents relying on grandparents to pay for school fees PDF Print E-mail
Monday, 23 November 2015

With private schools fees averaging £15,675 a year1 and continuing to rise at above-inflation rates, new research2 from Investec Wealth & Investment has found that a fifth (19%) of parents rely, or plan to rely on, grandparents to help pay for private school fees for their children.


According to the study, on average grandparents pay a third (33%) towards the cost of their grandchildren’s education but 19% of parents are fortunate enough to have the older generation pay over half the fees. Grandparents account for the third largest source of capital for parents looking to finance school fees behind their salary (63%) and savings/ investments (47%).

Grandparents’ largesse doesn’t stop with school fees, however; the research shows that 13% of parents whose children have gone to university or plan to do so have done so with financial help from the grandparents towards fees and living costs. As with school fees, grandparents rank third in sources of finance for university, after parents’ salaries (53%) and their savings/ investments (50%).

Chris Aitken, Head of Financial Planning at Investec Wealth & Investment said: “For many families educating kids privately is only an option if they receive a financial leg-up from the grandparents. And it doesn’t stop there; grandparents are increasingly paying towards university and even home deposits for their grandchildren too.

“While many grandparents prefer to see their money being put towards helping the younger generation get on in life, they need to ensure they have enough for themselves, particularly if they end up having to pay for long term care. Likewise, parents shouldn’t become overly reliant on their grandparents’ generosity as circumstances can quickly change.”
 
CCRI
3 October - Guoman Tower Hotel, Central London 

CCRInteractive, in association with Marston Holdings , is the largest and leading one-day conference from the publishers of CCRMagazine – a truly national and international event for the credit industry.

This landmark event allows delegates to: Learn best practice of how to increase profitable sales in today’s economy. Understand the key compliance issues and how they will impact upon you. Discuss the legislative and regulatory framework and how it will effect you. Consider the potential effects of Brexit on your business. Discover the latest innovations in the market to improve your collections. Motivate your staff to achieve ever improved results.

To book to attend in 2017, contact Stephen Kiely  or Alison Lucas. To find out more about being part of this landmark event, please contact Gary Lucas
CCRI 

 Forums International Ltd

Forums International Ltd

 Attendance at your first meeting is free of charge, and please quote reference 'CCR2016' to receive the special 10% discount off of your first annual subscription.

Find out more here.

latest issue

CCR Cover

The latest edition of CCR Magazine, the leading editorial publication in the UK credit industry, is out.

Read the latest issue online

The Credit Excellence Awards

Awards 

Tuesday 3 October - Guoman Tower Hotel, Central London


Do not miss your chance to meet and network with the Winners and Finalists at the Credit Excellence Awards, in association with Hoist Finance.


To book your place to attend, please contact Alison Lucas.


subscriptions

CCR is the premier magazine for consumer and credit professionals. It provides an independent voice to the industry, breaking major news stories and running in-depth features.

As a magazine, it works with and campaigns on behalf of the credit industry to promote its importance as a centre of potential profit and business development to the wider business world.

Subscribe to CCR Magazine

CCR World Magazine


 

Providing information and analysis for thousands of senior credit professionals worldwide, every quarter.

Find out more

GTS Media Ltd
81 Cambridge Road
Southend-on-Sea
Essex
SS1 1EP

Registered in England No: 05483197