17 April 2015

Keeping up with the Windsors can be expensive

The costs of a full royal upbringing might be out of reach for most of us – but that's not to say you can't treat your children or grandchildren as princes or princesses in the ways that matter to you. 

Whether it's saving for university, supporting their interests or helping them into a first home, the starting point is to decide on the most important priorities for you. And at the end of the day, you aren't likely to need quite as much as the new arrival's parents will spend.

We find out how much you would need to put aside to give your own children the type of lifestyle enjoyed by a new member of the royal family.

Childcare - £122,500

Nannies from the famous Norland College have been looking after royal children for decades. To employ a live-in Norland nanny for five years, you'll need to pay around £122,500.

School - £355,720

A royal child's education begins at prep school. For weekly boarding at prep school in the home counties, you can expect to pay £223,360 for the eight years from age 5 to 13. For the royal family, stepping up to 'big school' has traditionally meant boarding at one of the country's most prestigious public schools, like Eton or Marlborough. Fees for the four years from age 14 to 18 at Marlborough add up to £132,360.

Holidays - £107,835

Royal children start skiing at an early age, and the winter destination of choice for any blue-blooded offspring is, Klosters in Switzerland, where staying at a royal suite at one of the resort's most prestigious hotels which can cost £6,244 a week. With a week's lessons costing £655 plus £160 for a ski pass and £130 for winter sports insurance the costs for skiing the royal way can soon add up. And that's before you've covered the cost of the ski equipment.

Hobbies - £26,438

Of course a royal life wouldn't be complete without some expensive extra-curricular activities – and these usually start young.

Horse-riding lessons in Surrey cost around £55 for an hour of personal tuition and sadly isn't included in your private school fees. If your child chooses to have a riding lesson each week of term then you'll need to cover 30 lessons each year from the age of 5 to age 15. The total costs for riding the royal way could set you back £18,300 (assuming you don't buy them a horse of their own).

Music lessons will also have to be paid for on top of school fees. Termly music lessons at Eton, another school popular with royal children, will set you back £262. Learning an instrument means investing in an instrument. Cellos – played by at least one member of the current royal family - cost from £1,850. If your child is really musical and learns the cello and the piano too, music fees could total £8,138.

Finding a first home - £2,656,453

Whether renting or buying, it's never cheap acquiring your first pad in central London. A mid-range, two-bedroom pied-a-terre in St James will set you back a cool £2.65 million. Service charges for the portered entrance come in at £5,100 per year, and Westminster Council Tax for a band H residence costs £1,353.

You can talk to us about investing for your child's future

If investing for your child's long-term future sounds like a strategy that you'd like to adopt, set up an appointment with a Financial Planning Manager and we'll be able to talk you through the different approaches you could take.

Please note that the value of investments can go down as well as up and you may not get back the money originally invested.

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If you regularly set aside money for your future, redirecting some of your savings into investments could make a noticeable difference to where you end up financially.

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