School fees are now the biggest expense for wealthy grandparents helping out their adult children, a report has shown.
A survey of people with assets of more than £250,000 found that the majority — 79 per cent — were supporting their adult children.
The most common reason was to help with private school fees. Independent school fees increased by 5.6 per cent this year, the biggest amount since the financial crash of 2009. They are expected to rise even more next year.
The fourth Saltus Wealth Index report surveyed 2,000 wealthy people, which it refers to as “high net worth individuals”.
