FAMILIES are paying more than £500,000 giving a private education to two children, according to a new survey.

The cost soars to more than £830,000 if parents want to send two children to boarding school from the age of 13. The Killik Private Education Index also shows the soaring cost of private education since 1990 with average fees across the UK having more than quadrupled.

The survey, using figures from 2013/14, found the annual fee in Scotland is £10,400 for day and £27,100 for boarding pupils - the second lowest in the country. However, school fees are expected to rise by 115 per cent in next 13 years with the average worker in Scotland needing to allocate 81 per cent of their income to educate one child.

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The report was conducted by the Centre of Business and Economics for Killik & Co1, a private client stockbroker and wealth manager.

It also found the cost of extra-curricular activities as well as school uniforms and sports kits have also increased from an average of £1,200 a year in 1990 to £3,000 in 2014.

Sarah Lord, managing director of Killik Chartered Financial Planners, said: "For any parent considering private education for their children, the results of this study will prove very alarming."