The research by Lloyds Bank Private Banking found that private school fees have risen 24% in the last five years, prompting concerns among some parents that they may have to remove their children from fee-paying schools.

In addition, 57% are concerned they may not be able to afford their fees in the future, while 38% have already struggled to meet payment deadlines.

However, despite concerns over high costs, the vast majority of parents said their decision on which school to send their children to was not motivated by cost.

Classroom size, school facilities and the quality of teaching in a specific subject were named the most important factors in their choice while only two per cent of respondents said ‘lower fees’ played a key role. Nearly a quarter admitted they don’t have a financial plan in place to pay for school fees.

Sarah Deaves, investment advice & private clients director at Lloyds Bank Private Banking, said: “The survey suggests that many parents don’t want money to be a key consideration in their children’s education. But a lack of planning could lead to financial problems that may cause them to consider taking their children out of private schooling.

“With the increased pressure on family budgets, even relatively wealthy parents are feeling the strain of rising school fees, but there are a range of options that can help them plan their finances which could help ease this burden.”