Oct 2 2008
More than half of UK students receive funding from their parents through their studies at university, it has emerged.
A study conducted by Halifax has revealed that students in Scotland were the most likely to rely on their parents' savings, with 60 per cent being given money to help them cope financially.
This compared to 38 per cent in Northern Ireland.
Meanwhile, grandparents were also shown to be contributing to the funding of undergraduates, with five per cent of those questioned reporting that they had helped out in this way.
"The bank of mum and dad is still a key contributor to students affording further education, even with the additional funding that is available to them," stated Mike Regnier, head of banking at Halifax.
Recently, David Kuo, head of personal finance at Fool.co.uk, suggested that parents who are saving for their children may wish to consider Child Trust Funds, describing them as a "good way" in which they can accrue money.
