Students relying on parents to clear debt

According to the Royal Bank of Scotland, the average student at Birmingham University gets £152.50 every week from their parents to help with living costs and to clear debt that they accrue.

However, not every student is lucky enough to get their parents to bank roll their time at university and 45 per cent said that they had to take on a part-time job.

However, this proportion could rise further this year as tuition fees near-treble to £3,000 per year, increasing the amount of debt students will have to start saving to repay.

Because of this, Paul Jeffries, head of student banking at the Royal Bank of Scotland, urged students to craft a debt management plan before they started.

“The key to managing your finances effectively is careful budgeting. We are encouraging more students to include financial planning in their university preparation,” stated Mr Jeffries.