Parents struggling to offer financial support to their children’s university aspirations

With the cost of living rising faster than household incomes it is becoming increasingly difficult for parents to make ends meet and provide for their children.

Once children finish school they may have aspirations to go to university and obtain a qualification that will enable them to get a good job in the future.

However, this dream is becoming more difficult to achieve as the cost of going to university has increased dramatically in recent years.

Universities can now charge up to £9,000 a year in tuition fees, which doesn't even include the cost of living or accommodation.

In order to pay for this, many youngsters are forced to lumber themselves with debt by taking out a large student loans to cover tuition fees and maintenance. However, a recent study has found many student are receiving some funding from their grandparents as their parents do not have the money to offer any financial support.

New research from Wesleyan Assurance Society found two thirds of professional with children under the age of 16 are anxious about how they will be able to fund them through their university education, with over a third (38 per cent) planning to ask their own parents for help.

It appears professionals have high expectations of their children, with almost nine out of ten of parents (87 per cent) saying they would like to send their child to university. However, it seems they don't know how they will be able to pay for it.

A third of those surveyed (34 per cent) said they were prepared to make sacrifices to help their children reach their aspirations by using savings they have amassed for other things. However, this cannot be done when there are no savings at all to draw from.

Debt is becoming a serious problem for households across the UK and families are struggling to save anything for their children's future, even though many would desperately like to.

Samantha Porter, sales and marketing director at the Wesleyan Assurance Society, said: “Increases in tuition fees, and the rising cost of living generally, mean even though parents are keen to see their children go to university, many aren’t sure how they will be able to afford it."

According to the company, parents who have a child this year would need to save a minimum of £153 a month from the date of birth to fully fund three years’ university studies, if the price didn't rise again.

This is not really feasible for the average family in the UK, especially those who are struggling with debt repayments on top of everything else.

As the price of food, clothing and other commodities increases there is little left at the end of the month for parents to save for things such as holidays. Those who can make savings will have to make sacrifices if they want to support their children financially through university.

By Amy White