Education is supposed to be the great equalizer.
But there’s a trend now that shows the wealthiest parents in the US are spending so much more on their kids’ education, it’s actually making the great divide between the classes even wider.
According to research conducted by Emory University, parents who are at the top 10% of earners have been spending, on average, more than $5,200 a year on their children’s grade school education, since the Recession in 2007. That’s a 35% increase from before the Recession.
In contrast, everyone else is spending, on average, $1,000 a year.
The demand is so great to pursue higher education, SAT tutors’ salaries have doubled to about $50 an hour, about twice the US median hourly wage.
There’s also been a correlation established between dollars spent and higher SAT scores. Kids from wealthier homes score an average of 125 points higher on their SATs than other kids. They also are more likely to go and graduate from college and get better jobs with higher salaries.
Research shows the spending divide starts as early as preschool.
