The number of students from Eton College, a prestigious British private school, attending Oxford or Cambridge has fallen by more than half in recent years. This decline has raised questions about the value of private education and whether the high costs are worth it. In many wealthy countries, private schooling is on the decline, with the share of children in schools receiving less than half their funding from the government decreasing. However, private schools in Britain and America have fared better, and the debate surrounding them remains politically charged in both countries.
Recent evidence suggests that the advantages of an expensive education remain significant for most privately schooled children in Britain and those attending elite private institutions in America. The benefits are potentially even greater for American students, particularly those in the most prestigious private schools, as they continue to have better access to top universities. This challenges the assumption that American society is less class-driven than British society.
In Britain, private schools educate around 6.5% of children, a similar share to the 1960s. In America, private schools teach about 9% of children, a figure that has remained steady for a decade. The majority of private school students in America attend religious-affiliated institutions, with fees comparable to or lower than government schools. However, there is also a subset of exclusive “independent” schools that closely resemble fee-paying British private schools, educating less than 2% of American students.
The cost of private education in Britain is among the highest in the world, with families paying over £16,000 ($20,000) per year for a child to attend a private day school. This is three times the cost in the 1980s and represents around half of the median household income in Britain. In America, average fees are lower, but they still increased by 60% in the first decade of the 21st century. The most prestigious American schools charge parents an average of $28,000 per year.
Overall, the declining number of private school students attending top universities, coupled with soaring costs, has sparked a debate about the value of private education. While the advantages of private schooling remain significant for many students, the changing landscape of university admissions and the increasing financial burden on families are leading some to question whether the benefits outweigh the costs.
