New research by Lloyds Private Banking shows the average cost of attending private school has increased by 21% since 2012.
Lloyds has monitored the affordability of private schools across the UK from 2004 to present day and noticed a continuous rise in tuition fees.
The data reveals that this year parents are paying an average of £13,830 to send their child to private school during the day.
With the typical British parent earning £35,148 per year they would have to pay the equivalent of 39% of their earnings to cover the fee. The rate of private school fees is growing four times faster than average wages and is now 9% above inflation.
Sarah Deaves, private banking director at Lloyds Bank, said: "The choice of whether to send your child to a private school is an important one for many parents, but increasing fees means that even those on higher salaries may struggle to afford it.
“It’s ever more important for parents, and sometimes grandparents, to plan their finances as early as possible if they want a private school education for their children."
Parents whose child started Reception in 2004 and will leave school this year would have paid a total of £152,906. Within this time prices have risen by 67% with annual fees going from £8,297 in 2004 to £13,830 this year.
Research shows Londoners pay the highest fees in Britain. Private schools in the north east, north west and Yorkshire and the Humber areas are nearly a third (29%) cheaper than their southern counterparts.
A third of children attending private school receive financial help with their fees according to Lloyds.
The amount contributed to financial assistance has also risen by 4.9% within the last year and now totals £900m. The Independent Schools Council says 85% of the financial aid is provided by the school.
Although the cost of private education has continuously increased, this doesn’t seem to deter parents from sending their children to private establishments. The number of children in private junior schools has risen by 6% and the number of sixth formers has risen by 8% since 2012.
Not only are parents paying more for tuition fees, a Nationwide study has found that they will have to fork out £174,31 per child to get them ready for the new term.
More than a third use some of their savings to fund purchases of new uniform and equipment while 25% will use a credit card and 11% will turn to grandparents for financial help.
Larry Banda, Nationwide’s director of financial planning, said: “Families are often under enormous financial pressure throughout the year, and particularly so when the kids are going back to school.”