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UK Wedding News

11/08/2017

New Study Finds Parents Support Children At University

A new study has found that a number of parents in the UK support their children financially while at university.

The research, carried out by Aviva, revealed that parents of university students typically give their children 3,446 a year or 287 per month in order to support them through their studies.

On average, over a three-year degree, this comes to more than 10,000.

Some 2,000 parents, who have children at university, or who have been to university within the last 10 years, were commissioned for the survey.

Other findings showed that one in 10 parents gave their children at least 9,000 a year (750 a month), while 23% provided at least 5,000 per year (417 per month) to help their child meet accommodation, living costs, fees, text books and travel.

Eight out of 10 parents said they had given their children some financial support while studying, while one in seven (14%) said they had saved a fund which would cover all university-related costs for their children.

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A third of parents said their children had also received financial support from other family members or friends. Grandparents were the most likely contributors, with 27% giving money. Siblings helped out 6% of students, while 2% of students received financial support from friends of the family.

Despite receiving financial help, a number of students also work to support themselves while studying. For example, 43% of parents said their children had a job during term time, while 42% said their children worked during university holidays.

Commenting on the findings, Louise Colley, Customer Director for Aviva, said: "The vast majority of parents with children at university are helping them financially throughout their studies, but few have the funds to cover all related costs.

"Aviva research suggests that students could find themselves with 44,000 of debt on graduation so it's understandable that many parents aren't able to give their children this level of support.

"The average age at which people have children is also increasing, with 22% of babies in England and Wales born to mothers over the age of 35 and more than 4% born to mothers aged 40 and above.

"For fathers, the number of older parents is even higher. This means many parents could be facing the dual challenges of supporting children through university while preparing for retirement and potentially caring for ageing parents too.

"By saving even small regular amounts particularly from when children are young parents can help to prepare themselves for the possibility of funding university in the future."

(JP)

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"A new study has found that a number of parents in the UK support their children financially while at university."