Parents aren’t prepared for private school costs
ANZ launched an interactive tool to assist parents interested in private education.
While more than half of Aussie parents plan on sending their kids to private school, affordability plays a huge factor and the majority of parents aren't preparing themselves financially, according to new research.
An ANZ-commissioned report, released in tandem with the launch of the ANZ School Ready map and calculator, found 22% of parents agreed "saving for my children's education" is the most important investment. 14% said saving for a family home was their top priority.
Almost a quarter (24%) of respondents agreed that the ideal age to begin planning your child's private education is when they are between the ages of one to three, however, 90% of parents don't do this.
Almost half (46%) of those surveyed said a savings account was the primary method for private school funding, while utilising additional income (17%) was also popular.
And the biggest reason for not considering private schooling? 59% of parents labelled cost as the greatest barrier.
Parents interested in learning more about the costs associated with private schooling in Australia can visit ANZ School Ready and use the free, interactive map to located schools within their area. You can filter searches by grade, gender, religious preference and price. There's also tips on how to save for private education and a step-by-step guide to being school ready.
"We’re not advocating private over public, rather we are giving Australian parents the information to better decide and plan for their children’s education," ANZ managing director products and marketing Matt Boss said.
The debate over whether to send kids to public or private schools has been ongoing in Australia for many years. We've put together a detailed comparison of both systems to help you decide what's best for your kids.