New findings reveal the cost of sending a child to school could reach almost £800 a year.
This is the equivalent to 3.5 per cent of the average annual salary. The research by Vanquis Bank considers the cost of preparing a boy or girl for a new school year, as well as ongoing expenses such as school meals.
The research shows it costs slightly more to send a boy to school than it does a girl, with expenses potentially reaching £792.49 compared to £773.49. Parents with multiple children face an even greater financial outlay.
With the average UK salary standing at £22,829 after tax, according to the Office of National Statistics, parents will spend almost 3.5 per cent of their yearly income on a child’s school attendance - 3.5 per cent for boys and 3.4 per cent for girls.
School meals are the biggest expense across the year, reaching a total of £448.50 based on the government assigned cost of £2.20-£2.30 a day.
New school uniforms are the next most expensive item, potentially extending to £183 for boys and £154 for girls. Certain schools require customised uniform that may increase costs further. Sports kit is another clothing purchase that needs to be considered, coming in at £85 for girls and £83 for boys.
Other items on the school shopping list include a full stationery set and a school bag.
It is often assumed that a child’s school costs only impact parents at the start of a school year. However, it is important remember they are faced with potential costs on a regular basis, with school meals the prime example.
Sending a child or children to school is a significant financial commitment and it is important to plan accordingly. Costs will vary depending on your geographical location and the requirements of the school.
For further information, see Vanquis Bank rough financial guide to the cost of sending a child to school at /www.vanquis.co.uk/cost-of-going-to-school