Recent findings have revealed that the financial status of the education sector is looking progressively healthy year-on-year.
Results from the British Educational Suppliers Association’s (BESA) quarterly ‘Education Market Performance Outlook’ survey, examine the changing spending plans of 137 primary schools, 91 secondary schools and the sales experiences of 66 sector suppliers.
School spending in 2013/14 is projected to increase by 2.7 per cent after a growth of 2.3 per cent in 2012/13 was reported. In view of these figures, new predictions now estimate that spending for primary schools is likely to increase by 3.6 per cent and secondary school spending should see a positive 2 per cent growth overall.
The increase covered all areas of spending including furniture, storage, ICT and non ICT items but the research, conducted in collaboration with the National Education Research Panel (NERP), picked up on a definite shift towards investment in technology. This is not surprising given that the students of today are the workforce of tomorrow and they should be familiar with a range of technology.
Interestingly, spending on ICT equipment in 2011/12 was expected to decline by 5.4 per cent but with outlay for 2012/13 expected to increase around 2.1 per cent the projection for 2013/14 has been influenced and now stands at a healthy 2.9 per cent.
Though the education sector is undoubtedly going through a period of significant change at the moment, the discovery of increased spending in both primary and secondary schools can only be seen as optimistic both for schools and their suppliers.
Though academies plan and spend their money carefully, at Nicklin’s we can provide the expert financial advice that delivers the financial efficiency academies need to get the best value and benefit from their budgets so that they can invest more resources into supporting their pupils. Contact us to find out how we can help.