Parents ‘funding education in order for kids to avoid debt’

More parents are funding children through university in an attempt to help them remain debt free, new research has suggested.

A study by Halifax has found that this year, the highest proportion of student funding came from parents, whereas last year the most popular form of finance was through a job.

Currently around 53 per cent of those at university receive help from their parents and 49 per cent rely on government financial support, it stated.

A further 48 per cent have a job in order to afford full-time education and 36 per cent dip into their savings.

Head of banking Mike Reginer remarked: “The bank of mum and dad is still a key contributor to students affording further education, even with the additional funding that is available to them.”

Recently, financial information firm Defaqto warned those that were leaving home to study that they must inform car or contents insurers of changes in their circumstances.

By Jamie Price