Fresh research has revealed Australian parents are now paying around the equivalent of a house deposit for their children’s schooling.
According to a new education index, Sydney parents are having to fork out the most at $150,000 across 13 years for a child who starts pre-primary at a public school this year, followed by Perth at $122,000 and Melbourne at $114,000.
Futurity Investment Group’s Sarah McAdie said the costs associated with education are placing a substantial burden on many Australian families.
“Spiralling cost of living, rent and mortgage repayment pressures means many households are under considerable pressure,” Ms McAdie said.
“With less discretionary money to spend, it is going to be a challenge for many families to pay for education, including school fees and voluntary contributions, which have all increased in the past
year.
While education remained a top priority for parents, many sought ways to cut costs, including reducing spending on outside tuition, coaching, musical instruments, and electives. The research also revealed that grandparents are increasingly stepping in to support parents by contributing to their children’s education expenses.
