"While it is never too late for a private school fees plan, it is always better to start as soon as possible. The longer you have to save the cheaper it will be", Mr Baker adds.
Ian Naismith, retirement expert at Scottish Widows, highlighted a 2015 report from broker Killik & Co on the cost of private education, which found schooling from primary age to A-levels totals £286,000 for a day place and £468,000 for a boarder.
Tim Healy, executive director and education sector expert for Quilter Cheviot, says: "Putting your children through independent schooling does not always come easy, financially speaking.
"Although a recent census by the ISC found between 2015 and 2016 private school fees were subject to the lowest annual increase since 1994, they still rose by an average of 3.5 per cent.
"So costs currently remain at £5,373 a term on average and over the course of a child's education, these represent a substantial sum."
But even if a child does not go to private school, research last year carried out by John Lewis put basic costs – including such items as food, transport, technology and extra-curricular activities – at approximately £60,000 over a child’s entire school career.
The research put the cost of a child’s reception year in primary school was £2,744. Overall, the study claimed parents spent £29,512 per child on primary school outgoings and £34,440 on secondary school costs.
Food and drink was the most expensive outgoing – costing parents £944 each year, for each child.
University
"And then there is University, which is likely to cost up to £9,000 a year in fees plus living costs", says Mr Naismith. "In terms of savings, the simple answer is to start as soon as you can.
"Realistically, however, I suspect that relatively few people save for education costs and most meet them out of revenue or by borrowing."
According to Annabel Brodie-Smith, communications director for the Association of Investment Companies: "We're always surprised by how many parents underestimate the cost of a university education.
"Ironically, this is one area where parents have much more time on their side to prepare for. Yet time and again in our annual student debt survey, parents are wide of the mark - estimating the average student debt to be around £23,000 on graduation - half of the real figure of £44,000."
Start as soon as you can
Jason Hollands, managing director of communications for Tilney Bestinvest, says: "As with many things in life, including the costs of retirement, I believe many people seriously underestimate the costs of raising a family.
