Parents planning to send their child to private school in the future will need to prepare for significant cost increases over the next five years, according to an independent survey commissioned by the Australian Scholarships Group (ASG).
The national survey revealed the cost of education across Australia is expected to escalate during 2012-17, with private schooling increasing by up to 25% – double that of the government system.
ASG, a not-for-profit education benefits provider, surveyed more than 12,000 of its members on the total cost of education for children in metropolitan centres and regional areas, which included education-related expenses such as school fees, extra-curricular activities, travel, clothing, necessities and computers.
ASG’s General Manager, Development Frida Kordovoulos said the research was clear: the rising costs of education will have a significant impact on family budgets regardless of which schooling system parents choose for their child.
“Whether parents are planning to send their child to a government or private school, the increasing costs of education over the next five years are expected to have a significant impact on household finances, particularly those not prepared for the hidden education-related expenses associated with educating a child,” said Ms Kordovoulos.
Parents who choose government schooling for a child born in 2012 can expect to pay up to $65,829 over the 14 years of their schooling, with families opting for private education expected to pay up to $428,723.
“While parents of government students can expect to pay significantly less for their children’s education, there was insignificant difference between the rise in costs for private education in metropolitan and regional areas,” said Ms Kordovoulos.
The survey showed the rise in cost for a regional child entering the private school system in 2012, compared to a child born in the same year was 24%. Similarly, costs rose 25% in metropolitan areas.
However, Ms Kordovoulos warned that no school would be immune to the increasing education costs anticipated across Australia.
“The rising costs associated with the price of education are expected to affect every child, every parent and every school no matter where you live,” said Ms Kordovoulos. “This could prove increasingly challenging for families already feeling the pinch in today’s tough economic environment.”
Schooling costs for child born in 2012: Regional Australia (14 year education: includes pre-school and prep)
· Government – up to $51,644
· Systemic (Catholic) – up to $158,170
· Private – up to $284,099
Schooling costs for child born in 2012: Metropolitan Australia (14 year education: includes pre-school and prep)
· Government – up to $65,829
· Systemic (Catholic) – up to $212,920
· Private – up to $428,723
What do you think? Share your views below...