University can be very expensive
20 August 2009
Almost 90 per cent of young people in the UK require financial support from their parents in order to attend university.
That is according to new research conducted by The Children''s Mutual, which revealed that three years of study now costs around £42,000.
Last year, the collective cost of studying was £22 billion, but this has now risen to £25 billion the Child Trust Fund provider said.
This figure could also rise in the coming years are "year-on-year university costs" look set to increase.
David White, chief executive of The Children''s Mutual, noted that while university is an important experience for many people, the financial implications should be taken seriously.
"For families planning to support their children through university, finding a lump sum to cover the costs can be very difficult," he said.
"Often, parents are left with no other option but to dip into their savings or remortgage their house. This can have a serious impact of their own financial futures."
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