One in five pupils attending independent schools is relying on their grandparents to pay the fees, research suggests.
A survey of 724 parents who have sent or are planning to send their children to private school finds that 19 per cent are using funds from the child’s grandparents to cover the costs.
On average, grandparents are paying 33 per cent of the cost of their grandchildren’s education, and in 19 per cent of cases the grandparents are paying more than half the fees.
Grandparents are listed as the third most common source of funding for school fees, behind parents’ salaries, used in 63 per cent of cases, and savings or investments, used for 47 per cent of children.
Almost one in 10 parents (9 per cent) are using a loan or a credit card to pay school fees, the survey finds.
“For many families, educating kids privately is only an option if they receive a financial leg-up from the grandparents,” Chris Aitken, head of financial planning at Investec Wealth and Investment, said.