Choosing what school to send your children to is a big decision and many factors will come into play. If you are planning on sending your children to a private or catholic school, cost may be one of the biggest considerations.
New research out from ANZ found that more than half of Australia’s parents intend to send their children to private school, however only one in 10 of them actually plan, prepare and save for this when their children are young.
A large number of parents (59%) indicated that not being able to afford private school was their biggest reason for not considering it.
Some of the findings from the research included:
- 24% of parents believe that planning for children’s private schooling should occur between ages one to three, only 10% actually do so
- 46% of parents held a savings account to fund private schooling, while 17% sourced additional income
Alongside this research, ANZ has launched their School Ready Tool, an interactive guide which approximates the cost of sending your child to a private school. You can also request your free personalised report which provides more detail on what you can expect to pay for your child’s education, and helps in mapping out a savings plan.
Use the tool here to explore schools and get tips on saving for your child's education.