Parents paying for children's future

Wed, 03 Oct 2007

Two-thirds of parents will fund their children's university education from their own wage packet, a new study has found.

Data collated by high street bank Halifax found that 63 per cent of respondents would dip into their own salaries, while 59 per cent would be willing to raid their savings in order to fund the tuition .

This is on top of the 57 per cent who anticipate that their offspring will be taking out a student loan to pay for the fees and living expenses they incur while studying.

Neil Chandler, head of Halifax Unsecured Personal Loans, noted that often a number of "up-front costs" exist such as the purchase of books and accommodation .

"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 remarked.

Telecommunications company Noodle Mobile recently claimed that many students are paying too much for mobile phones and call plans, often up to an extra £19 per month, Easier reported.

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