Australian Finance Podcast Private school: is it worth it, how much does it cost & how to prepare for it?
Apr 26, 2024
Financial adviser Alex Luck joins the hosts to discuss the cost of private schools and the financial implications. They compare private vs. public schooling costs in Australia, explore tax structures for investing, and stress the importance of early financial planning for children's education.
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Private School's Academic Impact Mixed
- Around 30-40% of Australian kids attend private schools, with parents believing it leads to success.
- However, research shows no academic difference when socio-economic factors are controlled for, suggesting household environment matters more.
Mike's Catholic School Experience
- Mike McCarthy attended Catholic primary and secondary schools with reasonable fees.
- He has no regrets about his schooling experience despite relatively low costs compared to elite private schools.
Remember Hidden Education Costs
- When planning for education costs, include extra expenses like camps, devices, and building levies.
- These can add up to 5% or more above tuition fees, so budget accordingly.