Oct 7 2008
Many parents in the UK are helping to fund their children while they are studying, it has been found.
According to research conducted by YouGov for GE Money, four in ten students receive financial assistance from their parents.
Meanwhile, it was also found that half of all students have debts exceeding £5,000, a figure which may concern parents currently saving for their children.
Commenting on the findings, a spokesperson for financial site MoneyBasics said: "For many young people, going away to university is the first time they have to be responsible for their own finances and many will really feel the financial shock and responsibility of being away from home."
Recently, David Kuo, head of personal finance at Fool.co.uk, advised parents who intend to put their children through private schooling to start saving as soon as possible, adding that the rate at which fees for such schools is rising is outstripping inflation for the ordinary consumer.
