Wealthy parents cut their cloth to afford higher school fees

By the Editorial Team · Monday, October 5, 2026

A recent survey by Saltus reveals that 78 percent of affluent UK parents are making financial sacrifices to afford rising private school fees, which have increased on average from £34,000 to £38,000 in one year. This growing financial pressure is leading some families to reconsider private education options, with more shifting children to state schools or less expensive private alternatives while confidence in the benefits of private schooling declines.

A growing number of affluent parents in the United Kingdom are adjusting their finances to sustain private school education for their children amid rising tuition fees, according to a recent survey by wealth management firm Saltus. The study, which included responses from 2,000 high-net-worth individuals—defined as those with at least £250,000 in investable assets—and over 930 parents with children currently or recently enrolled in private schools, highlights increased financial pressure on wealthy families.

The survey found that 78 percent of these parents reported making financial sacrifices to cover school fees, a significant rise from 55 percent in August 2025 and 68 percent in January this year. These trends coincide with escalating fees partly attributed to a VAT increase on private education introduced by the Labour government last year.

Parents are cutting back in various ways to manage the costs. About 21 percent have reduced spending on vacations and major purchases, while 19 percent have limited everyday expenditures. Some are seeking external financial support, with 12 percent relying on help from others and 11 percent taking on better-paid or additional work. Reducing pension contributions was cited by 10 percent, and nearly one-fifth have resorted to additional borrowing, either secured against their main residence (10 percent) or through unsecured loans (8 percent).

The average private school fee paid by families surveyed rose from roughly £34,000 in the 2024-25 academic year to £38,000 in 2025-26. Data from the Independent Schools Council's 2026 census reports an average annual cost ranging from £18,678 for day pupils to £44,940 for boarders, with fees overall increasing by an average of 4.4 percent over the past year, excluding VAT.

These rising expenses are prompting some wealthy families to reconsider their educational choices. About 8 percent of parents reported transferring children from private to state schools, up from 6 percent in March, while another 8 percent have relocated to access better state schools. Others have sought to reduce costs while remaining in the independent sector: 6 percent shifted children from boarding to day attendance at the same school, and 8 percent moved to less expensive private schools. Only 30 percent of parents indicated no changes to their approach due to fee increases.

Alongside financial concerns, confidence in certain benefits of private education appears to be waning. While 62 percent of high-net-worth individuals overall—and 65 percent of those with children under 18—still believe private schooling offers superior long-term outcomes compared to state education, fewer parents endorse advantages in specific areas. Those viewing private schools as providing valuable networking opportunities dropped from 72 percent to 66 percent; perceived superior teaching fell from 75 percent to 66 percent; and confidence in non-academic benefits declined from 77 percent to 69 percent over the last six months.

Mike Stimpson, a partner at Saltus, emphasized that private education remains a priority for many wealthy families but noted the growing financial strain involved. He highlighted the need for families to balance school fees with other significant financial commitments such as university funding, assisting children with homeownership, and maintaining their own financial security. Stimpson advocated for early financial planning and cashflow analysis to help families manage the opportunity costs of private school expenses and protect their long-term wealth.

This article was reported by synthesizing coverage from multiple independent news outlets to present a balanced, unbiased account. Read about our editorial standards. Spotted an error? Let us know.