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Parents failing to make plans for school fees

Three-quarters of people intending to educate their children privately have made no provision for costs which can reach over £1m for the average family, says IFA Lamensdorf & Company.

The IFAs says only 5 per cent have saved enough while the remaining 20 per cent are not fully prepared for the costs.

To encourage people to save, Lamensdorf is offering a school fees planning service which helps families calculate how much they will have to save for their children&#39s education.

The firm has negotiated terms with providers, including Canada Life International&#39s School Fee Capital Investment Account, to help in saving.

Lamensdorf says as school fees continue to escalate faster than inflation and the demand for private school places increases, parents must accept they will have to save significant amounts.

Lamensdorf school fees adviser Graeme Trinder says: “For many people, school fee provision is the second-biggest expense in life after buying a house.

“It is alarming to find that a majority of parents are failing to make sufficient, if any, provision. Lamensdorf recognises this growing problem and aims to help parents avoid this economic trap.”

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