University an expense parents could do without?

Published on 30 November 2016 by Raffick Marday

University an expense parents could do without?

The most recent student debt research has shown that parents are struggling to meet the financial demand of higher education as the recession takes its toll and university fees continue to rise.

The Association of Investment Companies (AIC) has released research that indicated a significant number of parents (86%) are finding it more difficult to support their children through university.

Parents expect their children to live at home (36%) in order to save money and 13% of grandparents are already contributing or will contribute to university expenses.

As tuition fees are on the rise this year, 19% of parents involved in the survey want their children to choose a university with lower costs.

Annabel Brodie-Smith, Communications Director, Association of Investment Companies, said: "With the recession and the introduction of tuition fees adding to the financial strain of university expenses, families are clearly looking at ways to save money.

She added: “It's not surprising parents are under financial pressure and some are keen for their children to live at home and to attend lower cost universities.

Students have to deal with financial concerns as 54% of students are expecting to graduate with a debt over £20,000, which is an increase from the 49% last year.

14% expect that their student debt will total more than £40,000.

However, while these debts may seem huge, the chances are they will be even greater as university information providers Push.co.uk said the average debt for students starting university in 2012 will be £53,000.

Parents believe it will be much harder to support their children through university as the UK dipped back in to recession.

More than a quarter (26%) of parents would like their children to delay attending university for a year, with 14% wanting this delay due to financial reasons.

Parents who would like to fund their children’s university costs should save into a bank account as early as possible.

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