An increasing number of students at university are expressing concerns that money from their parents could be less forthcoming as a result of the recession, new research has indicated.
Findings from a study by Halifax reveal that more than one in seven are worried that parents will not be able to afford to give them money and 31 per cent are not sure how the economic crisis will affect funding from family members – who could be concerned about rising debt levels.
A further 73 per cent of those at university are working in order to help pay for the course, rising from 66 per cent in 2008.
Halifax’s current account director Mike Regnier said: “It’s more important than ever that students make every penny count. This includes sensible budgeting and keeping the cost of debt to a minimum.”
Mr Regnier recently remarked that debt management was key for students as research undertaken by Halifax revealed that those at university were spending over £200 a week, although they claimed to be cutting back.
By Sarah Adie