According to The Australian Scholarships Group’s Planning for Education Index released today, the cost of a child’s education is one of the most expensive investments parents can make, even bigger than the family home in some cases.
The research from ASG has found that Australian families could spend up to $1 million on their children’s education from kindergarten to year 12, as most families have more than one child.
For a child born in 2015, a private school education is most expensive on the east coast, with parents in Sydney spending up to $541,275 per child and parents in Melbourne spending up to $502,088.
Adelaide is the least expensive capital city to privately educate a child at $338,264, followed by Brisbane ($360,398), Perth ($367,541), Darwin ($371,589), Hobart ($381,677) and Canberra ($421,418).
And good news for parents in Adelaide, as it’s also the least expensive city to educate a child in the public system ($50,268), At the other end of the scale, parents in Sydney could pay $21,138 more.
The index measures a range of factors including school fees, transport, uniforms, computers, school excursion and sporting trips to determine the cost of education.
Families living in regional areas can also expect to pay less than their metropolitan counterparts for a child’s education in public, private and systemic schools.
ASG CEO John Velegrinis said parents must start planning financially for education from the time their child is born, whether they choose public, private or systemic schools.
“Education is one of life’s major investments; in some instances it’s an even bigger investment than the family home. What we’re advocating is that by putting a little bit away, parents are more likely to achieve the goals and aspirations they have for their children.”
And it’s not just school fees. “There is a myriad of other costs involved including transport, uniforms and school books, excursions, which can create financial headaches,” he says.
So whatever way you think about it, one thing’s for certain: having kids is no cheap business.
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