Industry News
Parents 'failing to save' for university
Posted on 28th August 2007
An expert has warned many parents are failing to save for their children's university education and instead, having to spend less on other things or use household savings in order to support their children at the time.
Kelvin Lilywhite of Best Advice Financial Planning warned planning ahead was especially important for low-income families and said students were graduating with ever greater amounts of debt.
He added if the situation remains as it is, it could affect the numbers of children from low-income families who attend university.
"The government's target of getting more lower income families into further education will simply not be hit. They just won't be able to afford to do it," he claimed.
The National Union of Students estimates the average cost of a degree is currently £20,000 and that parents are currently contributing more than £500 million towards university education each year.