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Parents prepared to fund university

Published: Wednesday, 03 October 2007   Category: Government policies

Mother and fathers across the country are bracing themselves to make significant contributions to the finances of their undergraduate children, a new study claims.

Research conducted by from Halifax Unsecured Personal Loans reveals that almost two-thirds of parents are prepared to use their salary to help fund their sons and daughters.

And 59 per cent are even willing to raid their savings to help pay for the education of their off-spring. An optimistic 31 per cent of parents are even hoping that their help could replace the need for a student loan.

Commenting on the findings, Neil Chandler, head of Halifax Unsecured Personal Loans, said: "For most parents, taking your child to university for the first time is a proud but emotional moment.

"It is important to consider how best to support your child with the minimal amount of strain on your pocket as this commitment is likely to last for several years."

He added: "Often there are many up front costs such as paying for accommodation and buying books."ADNFCR-1068-ID-18303517-ADNFCR

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