Former Nigerian Ambassador to Greece and personal finance advocate, Opunimi Akinkugbe, has raised a powerful warning about what she describes as one of the “most common, and most painful money mistakes” parents make — paying school fees they simply cannot afford.
According to Akinkugbe, the problem often begins with comparison.
“A friend’s child attends a particular school. A neighbour mentions where their child is going this September and the fees in passing. Social circles quietly set expectations,” she explains.
Before long, she says, “pressure sets in and a decision meant to help a child, begins to strain the entire household.”
In her view, many families take on school fees that consume “most if not all (yes I mean all!) of their annual income,” leaving nothing for “emergencies, savings, health care, Insurance, rest, or peace of mind.”
The damage, she stresses, is not only financial.
“Such pressure doesn’t just show up in the bank account,” Akinkugbe notes. “It shows up in anxiety, debt, family tension, and a constant fear of the next term’s bill.”
While she acknowledges that education is important, Akinkugbe insists that it must be approached wisely.
“Education is an investment,” she says, “but like any investment, it must be sustainable.”
For her, a good school is not defined by status or appearance.
“A good school for your child is not just one with great facilities and teaching, an impressive name or reputation,” she explains. “It is one that allows a family to remain financially stable, emotionally present, and focused on the long term.”
She believes children gain more from stability than from prestige.
“Children benefit far more from calm parents, secure homes and consistency than from prestige paid for with exhaustion and overwhelming debt,” Akinkugbe argues.
Her message is clear and cautionary:
“The most expensive school isn’t necessarily the best one for your child. Be careful not to jeopardize your own livelihood and retirement plans to fund an education you simply cannot afford.”
In conclusion, Akinkugbe reminds parents that education should uplift, not destroy.
“A good education should build a child and not break a household.”