Children Saving for University
12/08/2008
Figures released by The Children's Mutual show that children as young as eleven are saving for the cost of university, after watching older siblings struggle under the weight of student debt.
In an apparent role reversal, a third of children aged 11 to 18 are putting money aside for their university education, whereas a third of parents admit they are not saving enough money to fund their children's degrees. 78% of parents facing the prospect of imminent university fees say they think the credit crunch will make it harder for them to contribute.
David White, Chief Executive of The Children's Mutual, said: "It is becoming increasingly apparent that we need a sea change in the way that many parents and their children fund university. For those approaching higher education in the next few years the Government has a clear student finance package in place but for parents of younger children, one way to stave off the financial nightmares of the current university generation could be to start saving now."
There has been a 400% increase in the number of young people going to university, compared to 30 years ago. However, The Children's Mutual believes that many families are only now starting to realise the financial implications of higher education. The report states that today's average graduate leaves university with a £17,500 debt and "little hope of paying it off".
In an apparent role reversal, a third of children aged 11 to 18 are putting money aside for their university education, whereas a third of parents admit they are not saving enough money to fund their children's degrees. 78% of parents facing the prospect of imminent university fees say they think the credit crunch will make it harder for them to contribute.
David White, Chief Executive of The Children's Mutual, said: "It is becoming increasingly apparent that we need a sea change in the way that many parents and their children fund university. For those approaching higher education in the next few years the Government has a clear student finance package in place but for parents of younger children, one way to stave off the financial nightmares of the current university generation could be to start saving now."
There has been a 400% increase in the number of young people going to university, compared to 30 years ago. However, The Children's Mutual believes that many families are only now starting to realise the financial implications of higher education. The report states that today's average graduate leaves university with a £17,500 debt and "little hope of paying it off".
