We recently surveyed 394 individuals with a minimum net worth of $5 million and questioned them about their strategies for evaluating and selecting a school, the application process, their perspectives on cost versus value and, finally, their level of involvement with the institution.

We found two distinct outlooks among affluent parents when it comes to the significance of and rationale for high school (Exhibit 1). The first segment of parents we identified as aspirational in nature, viewing high school as a way for their children to set the stage for future success. The other segment sees secondary education as experiential, valuing it as part of an overall plan that produces well-rounded humans on their way to self-actualization. Both types of parents had basically the same-size families.

Making the Grade
Most of the students discussed in the survey were being educated at private institutions and, proportionately, more of the experiential parents than the aspirational ones send their children to private school (Exhibit 2).

Of the roughly 40 percent of parents whose children attend public school, a similar number had moved in order to access a stronger school system (Exhibit 3), citing high personal standards. Experiential parents were more inclined to move in order to find the appropriate level of school.

Similarly, the experiential parents are more inclined to consider a larger number of private schools than the aspirational parents during the selection process, with experiential families considering an average of 3.6 schools and aspirational families considering 2.3. The primary reason behind experiential parents’ more extensive search process lies in the amorphous nature of their objectives for education.

Affluent individuals and families are increasingly turning to specialists for assistance—and education is no different. About two-thirds of respondents have retained an educational consultant to help them select a high school and develop an application strategy (Exhibit 4). While more than half of both segments use professionals, the experiential parents were more likely to have done so, citing the consultant’s assistance in solidifying goals and desires for their children.

Shaping a Choice
Next, we asked the respondents to rank the criteria they use when selecting a school. We found that the priorities of each segment are reflected in their selection factors. There was little overlap with the exception of one area—the school’s focus on academic achievement (Exhibit 5).

Elements such as social connections, college preparation and the school’s reputation are ways for aspirational parents to position their children to excel. By contrast, experiential parents are more concerned with balancing a strong high school education with nonacademic lessons. Experiential parents are more likely than aspirational parents to emphasize the factors that will contribute to their children becoming "the kind of people we want them to be."

Getting the Nod
Three-quarters of parents we surveyed cite a student’s academic capabilities and potential as the most important factor for being accepted by a private high school (Exhibit 6).

While 72 percent of all affluent parents include family connections as a meaningful part of the application process, aspirational parents seem to rely more on legacy. Similarly, about two-thirds of all respondents—and a slightly higher number of aspirational parents—admit that schools consider their level of wealth. Finally, about one-quarter of parents pinpoint athletic skills as an important consideration, with a much higher concentration among experiential parents.

The Bottom Line
It’s no secret that private education can carry a high price tag. Day schools had an average annual cost of $34,200 and a median cost of $27,900. The majority of parents surveyed feel they are getting value from a private school education, and it is worth the high cost (Exhibit 7). However, significantly more experiential parents feel this way.

The high cost of private school was a major consideration for about one-fifth of the wealthy parents who ultimately opted for public schools (Exhibit 8), with cost being cited by almost twice as many aspirational parents.

Staying the Course
Once a child is accepted into a high school, more than three-quarters of experiential parents say they become involved in school programs (Exhibit 9). Conversely, only a quarter of aspirational parents take part in these types of activities.

The opposite is true when it comes to fundraising. About 70 percent of aspirational families identify themselves as actively involved, while roughly 40 percent of experiential families devote significant time (Exhibit 10).

There’s no question that successful parents are committed to supporting a strong high school education for their offspring. But their goals for their children clearly deviate, which, in turn, colors their perspective on the formative and influential role of high school and how aggressively they will oversee and manage the process of choosing the right educational institution.

Russ Alan Prince is president of Prince & Associates, a market research and consulting firm for the affluent, and the author of more than 35 books on related topics. Hannah Shaw Grove, an author and columnist, is an expert on the behavior, concerns and finances of affluent consumers.