We all used it for the singer in the spice girls did anyone object? People still call her that, not Victoria or Mrs Beckham
It depends on what context it is used and the tone of voice.
I was taught like others it was from the days of the British Raj, just like the Fishing fleet or Returned empties.
As for private schools, which really is another issue, I'm with Sago. We all do what is best for our children if we can afford it.
I can talk English three ways, what some would call "posh", , normal everyday speech for the area I live in and at home the very regional local accent I was brought up with.