The cost of succeeding

Parents are willing to go to expensive lengths to ensure their children pass their exams according to recent research which shows 55% of parents will hire a private tutor to help their children revise for their GCSE’s and A Levels. Education by all reports seems to becoming more and more expensive, whether its support to help your children get the grades they need, to help paying for higher education.

As children sit down to take their GCSE’s and A Level exams, online voucher code website looked into how parents are willing to help them pass their exams and what sort of pressure children are now under to succeed. They found that the majority of parents would be helping their children study, whilst over half of parents would employ a tutor. They also looked at why parents would employ a tutor, the main reasons given are:

  • To help improve grades after receiving their mock exams results.
  • To help with specific topics their child struggled with.
  • To ensure their child did revise.
  • To boost studies outside of school.
  • To fill in the gaps in knowledge that they worry teachers are missing.

You can read more of this study, to find out the pressure kids are now under and who is to blame.

According to the Guardian typical parent can expect to spend £231,843 raising a child until age 21 that was born in 2016. However if parents spend money on their child’s education, these costs then increase, for a private day school, it goes up to £373,000 and for boarding school it hits the £500,000 mark. According to this report education equates to the biggest cost, this includes education-related expenses such as uniforms, school lunches, text books and school trips and is around £74,000.

When children head off to university costs also mount up:

  • Tuition Fees – £9,000
  • Accommodation – £4,200
  • Living Costs – £5,000
  • Total – £18,200

The majority of these costs are funded by student loans, grants and assistance depending on the joint income of parents as well as credit cards, students taking part time work and savings. However those leaving university can expect to have debts anywhere from £40,000 to £70,000 which they have to pay back over their working lifetime. On the flip-side you don’t start paying off student loans until you are earning over £17,495, this is applicable from 6th April 2016 to 5th April 2017, with changes made yearly.

Photograph by Alberto G

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  1. Pingback: Studying abroad? Read these essential money tips | Student Banker

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