Millions of British parents are struggling to help their offspring avoid serious debt management difficulties after years at university, according to recent research.
A study from F&C Asset Management found that parents tend to be concerned with the financial problems their children will face after university and that more than 90 per cent would like to see a return to a student grant system of funding.
In addition, a majority of British parents (53 per cent) expect to see their university-bound children accumulate around £15,000 worth of debt, while the Nation Union of Students suggests the average debt management burden for a graduate stood at around £13,000 last year.
“Almost half of all teenagers now go on to higher education and with some suggesting that the total cost of a three-year degree could exceed £30,000, financing future college costs is a significant challenge facing families,” said Jason Hollands, head of communications at F&C.
“The message is simple; prepare as early as possible,” he added.
Meanwhile, figures from Abbey showed recently that the average first-time buyer mortgage in the UK is now worth almost twice what it was three years ago.