In a comprehensive report released today, the Futurity Investment Group unveiled the findings of its 2024 Investment in Education Index, shedding light on the financial landscape of sending a child to school across Australia. The index, based on a nationwide survey of Australian parents with children enrolled in Government, Catholic, and Independent schools, presents a detailed analysis of the most and least affordable cities for education.
Government education costs have seen a notable increase, with Melbourne emerging as the most expensive city at $108,879. This figure marks a substantial rise of $6,072 compared to the previous year. In contrast, Canberra stands out as the most affordable city for Government education. These findings reflect the financial challenges faced by families in meeting the escalating expenses associated with providing a government-funded education for their children.
For Catholic education, Canberra again takes the spotlight as the most expensive city, with costs amounting to $208,871—a significant increase of $11,204 from 2023. On the other end of the spectrum, Sydney is identified as the nation’s most affordable city for Catholic education, with expenses totaling $188,759 over a 13-year period for a child commencing school in 2024. This figure reflects an increase of $10,281 compared to the previous year.
The landscape shifts when considering Independent education, where Sydney is identified as the most expensive city, requiring a substantial investment of $377,993. This represents a noteworthy increase of $20,062 from the preceding year. In contrast, Perth emerges as the most affordable city for Independent education, with an estimated total cost of $225,728 over 13 years for a child starting school in 2024—a rise of $11,839 compared to 2022.
Sam Sondhi, CEO of Futurity Investment Group, emphasizes the financial strain placed on Australian families due to the escalating costs associated with education. Sondhi points out that households are already grappling with the rising cost of living and interest rate pressures, making it challenging for many families to cover the mounting expenses of education. According to Sondhi, the total cost of education has surged by 6% in the past year alone.
Looking ahead, Sondhi forecasts a continued upward trajectory in school fees and major school-related expenses, including outside tuition, school camps, transport, uniforms, electronic devices, and sports equipment. It is anticipated that these costs will rise by over 14% in the next five years and nearly 30% in the next decade.
In light of these projections, Sondhi underscores the importance of financial planning and savings for education. Parents who have proactively planned and saved for their children’s education will find themselves in a better position to navigate the financial challenges and, ultimately, afford a wider array of educational choices for their children.
The Futurity Investment Group’s 2024 Investment in Education Index serves as a critical resource for policymakers, educators, and parents alike, providing valuable insights into the evolving financial landscape of education in Australia. As the cost of education continues to rise, the report underscores the need for proactive financial strategies to ensure that families can provide their children with the best possible educational opportunities, regardless of the city they call home.
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