The research published by JPMorgan Asset Management, an investment trust provider, showed that some parents were sacrificing their own future to provide for that of their children. Nearly a fifth of parents admitted dipping into their own or their partner’s pension to pay for their child’s education. A quarter of parents with children in private school use existing savings and investments to pay for this, rather than setting up a specific savings account.

James Saunders Watson, head of sales and marketing for investment trusts at JPMAM, said, ‘Interestingly, nearly a third (29 per cent) of parents say private education takes up 20 per cent or more of their household income. And as private schooling can be a significant financial sacrifice for parents, it is not surprising to see that some parents choose to fund their children’s private schooling through cash windfalls. For example, eight per cent of parents with children at private school admit to using inheritance money and 16 per cent admit that private education is funded through their bonus – an income which is not guaranteed.’

He suggested that parents should set up an investment trust to save for their children’s education. Payments can be made through monthly payments or lump sum amounts, and other family members, such as grandparents, can also make contributions.