Education costs continue to outstrip inflation

From
Matt Walsh

Matt Walsh

The latest Consumer Price Index (CPI) figures show that education costs continue to outstrip inflation, maintaining the trend that has persisted for the past decade.

Parents’ concerns about the increasing cost of their children’s education are justified, warns Matt Walsh, head of Lifeplan.

For the 12 months ended September 2013, education costs rose by 5.7 per cent compared to the 2.2 per cent rise in the CPI.

“The increasing cost of education is outstripping rises in the CPI by a rate of more than two to one*,” Mr Walsh says.

“The cost of education has been steadily increasing for some time and there is no reason to expect this to change anytime soon.”

This is particularly relevant for parents seeking private schooling for their children.

“Parents should still consider starting to save in advance for their children’s education, even if it’s just a small amount each week, as this can add up to quite a lot over time,” Mr Walsh said.

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