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May 2013 - Financial Services

Financial market research by money saving website www.offeroftheday.co.uk has discovered that as many as three quarters of British parents do not have a savings fund in place to help their child through higher education.

The poll finding, which questioned 1,403 UK parents, indicates that increasingly university attendees will have to rely entirely on student finance instead of the ‘Bank of Mum and Dad’ to see them through.

When questioned why they had decided not to save for their child’s university education, 44% of the respondents replied they simply could not afford to do so, 40% claimed they would contribute what they could and 31% thought that student finance would be enough to cover the cost.

In addition, 22% of the parents polled felt that their child should “make their own way” in the world and take responsibility for funding their own university degree.

The study also asked parents whether they would have chosen to save for a student fund if financial circumstances weren’t an issue, to which 71% agreed.

Meanwhile, 26% of the parents questioned did have a savings plan in place for their child’s university education, with over half giving their reason as worry over their child becoming “saddled with debt” as well as escalating tuition fees.

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