The Australian Scholarships Group (ASG) Planning for Education Index has estimated that many parents will spend more than half a million dollars on their child’s education. The survey revealed that for a child born in 2014 the forecast cost of a private education in Sydney is $543,334, a rise of 1.4 per cent on estimates provided the previous year.
Sydney parents considering a private education for their children are estimated to pay more than half a million dollars ($543,334) per child – $84,339 above the national metro average, followed by Melbourne (504,742), Canberra ($422,635), Hobart ($383,320), Darwin ($373,421), Perth ($369,492), and Brisbane ($361,911) for pre-school through to Year 12. Adelaide is the most cost effective city for a private school education at $339,954.
The ASG Planning for Education Index, compiled by the not-for-profit organisation, measures a range of variables including school fees, transport, uniforms, computers, school excursions, and sporting trips to determine the cost of education. The survey discovered that Brisbane is home to the nation’s most expensive systemic system ($242,533), followed by Sydney ($235,517) and Darwin ($233,205). Canberra ($208,426), Melbourne ($214,821), Hobart ($220,369) and Perth ($220,987) are the most affordable cities for a systemic school education.
The ASG Planning for Education Index, which is based on more than 6900 Member parent responses, also estimates that Year 12 is the most expensive grade, with many parents across metropolitan Australia forecast to spend $60,058 for a private education in the final year for a child born in 2014 – almost as much as an entire school career at a state or government school ($63,251). The research also revealed that education in regional Australia is more affordable compared to metropolitan areas of Australia.
ASG CEO John Velegrinis says the cost of education in Australia has risen by more than double the rate of inflation over the past 10 years. The Planning for Education Index shows how crucial it is for parents to plan for their child’s education. Some parents will spend more than half a million dollars – ASG predicts that education costs will only continue to increase in the future. “By planning early, families will have greater peace-of-mind and flexibility when it comes to making important choices about their son or daughter’s education,” Mr Velegrinis says.
Mother of two and ASG Member, Rebecca Pyne, decided to plan and prepare early for her childrens’ education. Her daughters, Niamh (Year 8) and Eireann (Year 2) both attend public schools. There can be the assumption that public school education is free, but that’s hardly the case. There are hidden costs, like school excursions. Both Niamh and Eireann have disabilities and this also involves extra schooling costs, like tutors in the classroom. “Without ASG I’m not sure how we would cope,” Ms Pyne says.
Mr Velegrinis says the survey demonstrates planning for an education can be a 20 year journey and that he’s not surprised that many families are debating if they can afford to send their children to the school they want. The ASG Planning for Education Index also forecast preschool or kindergarten will cost parents between $2211 and $5712, depending on the school type, in 2014. Parents can calculate the predicted cost of their child’s education using ASG’s Education Costs Calculators. (Australian Scholarships Group (ASG) Planning for Education Index 2014).