August 26th, 2021 by igniite

Should you spend money on private schools?

I went to a state school for my senior years of schooling and my husband went to a middle tier, catholic school. My mother-in-law was a Grammar teacher so bias was there. There had always been a discussion bubbling away in the background for where to send the children. When I grew up, we knew that we were off to the nearest state school we could walk to. Ours was 40 minutes on foot, rain, or no rain, that is what we did.

As parents, we seem more obsessed with this topic than, our parents were. I am a little more ‘helicopterish’ than my folks were. By that I mean, I wouldn’t miss a footy game, unless I had a good reason. I may even be inclined to coach one or 2.

Typically, the average number of children in a household has declined (since the olden days) and given rise to more disposable income. As a parent, I want to do my utmost, to ensure my children are given the best start in life. Does this mean a private school education, or should the money be better saved and or invested for your children elsewhere? In dollar terms we are talking about up to $200,000, over the duration of a child’s 6 years at high school, so its not a small sum of money. I was not able to find any good evidence to support either argument.

Then I read a book by Malcom Gladwell, called David and Goliath. This book follows the story of Caroline Sacks and relates back to the ‘Little Fish big pond effect’ which was pioneered by Psychologist Herbert Marsh. Most parents make their school choices for the wrong reasons and think that going to an academically selective school, is going to be good. However, Marsh explains, the more elite an institution is, the worse a student feels about their academic abilities. That feeling matters… a lot.

Caroline was so good at science, she was accepted into an elite university and then felt so incompetent, that she ended up dropping out. Had Caroline attended an average university, she acknowledged that she would have obtained a science degree. Caroline’s story is centred around university choices, however the ‘Little Fish Big Pond effect’ holds true, for secondary education. The smarter you peer’s the dumber you feel. The dumber you feel the less well you do.

Our property prices in Australia, have made buying a home, a dream for the smashed avocado generation of 20 years and up adults.

Perhaps being a big fish in a little pond at high school and having a fat deposit in the bank (thanks Madiddy and Padiddy) towards a property purchase, is the ultimate game changer for our children’s future financial success. Perhaps it is not the private school education after all.

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