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Increasing numbers of parents in the UK are taking out loans in order to pay for their children`s education, it has been suggested.
According to Hugo Shaw, investment adviser at Bestinvest, people have been left with a savings gap as a result of increases in the fees charged by private schools, meaning their personal finances are stretched.
Indeed figures produced by Halifax Financial Services indicate that there has been a rise in the fees charged by such institutions of around 40 per cent over the last five years, a figure more than double the increase in the retail price index.
Mr Shaw stated: "Living costs, mortgage costs et cetera have shot up in recent years. Add to this the rise in school fees and it makes for a situation that is more expensive than most parents had been budgeting for."
He added that parents should start to save as soon as possible in order to allow them to cope with any unexpected costs, potentially avoiding the need for loans and remortgaging.
