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In the last twelve months, the Northern Territory has experienced some of the nation’s highest increases in education costs, with non-metro Catholic schools remaining some of the most expensive in the country.

The Futurity Investment Group Cost of Education Index estimate for a child starting school in 2025, the total cost of 13 years at a regional and remote Catholic School in the Northern Territory will be $155,594.

In contrast, the Territory is one of the nation's most affordable regions for a non-metro Government education coming in at $75,798 over 13 years.

Non-metro Northern Territory parents are forecast to spend more on electronic devices ($980) than school fees / voluntary contributions ($146) this year, with vocational education ($624), transport ($388) and musical instruments ($389) all adding to the total cost.

This is also the case for Independent schools which are estimated to cost $245,300 or 1% above the national average.

So, with the rising cost of living – and education – more and more families are facing the reality that the best schools are becoming out of reach.
 
But solutions do exist. And with the right knowledge, process and guidance, they can navigate the cost of education in the Northern Territory.

 

Cost of living challenges

 

The cost-of-living challenges for families are well documented. Three in four Australians (77%) are extremely or very concerned with the rising cost of living. The challenge is forcing nine in ten Australians (89%) to make changes in their lives and spending in response.

 
Of the parents surveyed, almost 29% said they had gone without buying things for themselves and 24% said they had gone without family holidays to pay for their child’s education. More than one in ten (11%) were getting financial assistance from a grandparent to pay for their child’s education and 27% of respondents were using their credit card to pay for these costs.

But which costs are causing the most amount of pressure for Australian parents each month?
 
Some of the most significant costs include mortgage and rent (selected by 31% of respondents), utilities and rates (selected by 30%), and groceries (selected by 31%).
 
One in four Australian parents (25%) find paying for their children’s school fees or voluntary contributions is having a significant or moderate negative impact on their households.

 

 

We’re a nation that values education

 

Australians are strong advocates for quality education, with close to nine in ten parents (88%) believing schooling is essential for their children to thrive in life.

 

In the 2024 study the biggest barrier for parents sending their child to their preferred school is cost (26%) with other barriers being location (19%), zoning (19%) and school capacity/waitlist (18%).


Education is likely to be a priority spend item for parents, with 50% of parents believing it is the role of parents to financially contribute to their child’s lifelong education throughout their whole life.

It is telling that half of all parents who responded to the 2024 study report that they have someone else contributing to the cost of schooling (52%).

 

Parents are intentionally preparing for the costs of educating their children with nearly two thirds of parents (64%) taking a highly intentional approach to preparing for their child’s education costs.

 

It is clear Australia’s parents could benefit from long-term planning support.

 

Schooling costs more than just tuition

 

One of the common missteps parents make when determining the cost of education in Australia is to look at school fees alone.

 

But the research shows that it is the ‘hidden’ costs – or ancillaries – that often add up the most.

 
In fact, these extra items account for more than 90% of total education costs in Government schools, 60% in Catholic schools, and 50% in Independent schools.
 
Families have no choice but to factor in the costs of uniforms, transport, camps, excursions, electronic devices and many other additional costs.

 

Is education expensive in the Northern Territory?

 

So, what is the average cost of education in the Northern Territory? When comparing the Northern Territory to other states and territories, we can see that education costs for the Catholic sector are slightly higher than most regional and remote areas at 2% above the average.
 
In fact, in the last twelve months, projected education costs for Independent schools in the Northern Territory has increased by 3%, or $6,643 over 13 years.

 

The table below breaks down the combined averages of tuition fees and ancillary costs nationally compared to the Northern Territory over 13 years – according to schooling sector and location.

 

 GovernmentCatholicIndependent
Major Cities$123,294$193,666$350,158
Regional/remote areas$81,141$153,144$244,075
NT$75,798$155,594$245,300

*These numbers are populated-weighted and projected over a 13-year period and provided as a guide only. The actual costs cannot be guaranteed.

 

 

Have a plan to save for education

 

Quality education comes at a cost. But it’s also one parents can plan for today – to ensure your child has a better tomorrow.

 

It would be easy to look at the figures in this article and feel a sense of dread or apprehension at how you will make this work. But as with everything in life, with the right knowledge and guidance, it is possible to afford the education you want for your child.

 

The key is to create a solid plan – and to take action.

 

For over 50 years, we’ve been helping Australian families to meet the costs of education through our expertly managed savings products including our education bond, Futurity EdSaver. Our solutions are designed to help parents and grandparents just like you save and accumulate funds for schooling expenses in a tax-effective way.

 

Your child’s education will likely be one of the biggest investments you’ll make. It is never too early to understand and prepare for these costs – so you can create the bright future you envisage for your children.

Need help planning for the cost of education? Speak with your Financial Adviser about Futurity's Education Bond range or contact us today.

 

 

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