Parents giving out up to £300 a month to support a child at university
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A study finds that parents can pay their children up to £10,000 over the duration of a three-year degree. The study, carried out by Aviva, investigated how much it costs parents to properly provide for their children whilst they’re at university and found that the amount of money is far higher than many may have thought. At almost £300 a month, one in five parents that were surveyed concluded that university wasn’t worthwhile for their children with only one in seven saying that they could cover their child’s costs in full. Aviva found that 43% of parents said their child was in paid work whilst at university and another 42% said that their child worked during the holidays. Parents believe this to be an issue as 37% of those who took part in the survey felt that working whilst at
university had a negative impact on their child’s studies.
These statistics, which included the fact that students could find themselves with up to £44,000 worth of debt come graduation, mean it's hardly surprising that parents are struggling to give their children the financial support they need.
The Customer Director for Aviva, Louise Colley, suggested that parents could “prepare themselves for the possibility of funding university in the future” by “saving even small regular amounts” throughout the child's life.
A third of parents who took part in the study stated their intention to support their child in paying off their student debts but only one in ten said that they could pay off their child’s debts entirely.
These figures further suggest that university is becoming increasingly expensive for families, whilst the students themselves are having to sacrifice the overall quality of their degree by working in an attempt to cover the cost of studying in the first place.
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