Thursday, 3 July 2014

Private schools - the truth is out ?

Interesting article here by the often dreadful Toby Young

Those educated at state schools – earn an average of £193,700 more between the ages of 26 and 42, to be precise. But this premium falls to just £57,653 once family background and cognitive ability are taken into account.

It may need some more study, but one implication of this report is that for two people of the same ability, one will get an income £58,000 higher (over 16 years) simply because they attended a private school.    The second point is that the aim of making state schools just as good as private schools is inherently flawed, as 3/4 of the advantage enjoyed by private school pupils has nothing to do with their education and the other 1/4 is largely down to the 'old boys network'.

I would add several caveats, not having read the report, but one is the often misleading nature of averages.  Another is the cumulative effect of higher earnings - the very existence of a higher income gives one money to make money.   I suspect that in terms of wealth people who attend private school are much more than £200,000 better off by the age of 42. 

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