Find out what our customers have to say about our service.Read more
Parents foot the bill for uni costs
Monday November 11th 2013
More parents are contributing to the cost of their grown-up children's higher education than to their weddings, according to a new report.
The study by Standard Life found 40% of parents had provided their adult offspring with money to go to university, while just 21% helped with wedding costs.
The figures reverse the expenses met by the previous generation, with 41% of grandparents revealing they helped financially with their children's weddings and a quarter having contributed to their education.
Social changes, higher numbers of university students and increased tuition fees and other costs are all considered to be reasons for the change.
Other expenses met by parents include help with coping with credit card and personal loan debt. Close to one in five (19%) helped their offspring pay off their debts and 28% helped with repayments.
Many grandparents (14%) have seen the extra expense of university education and started to put money away for their grandchildren, while 15% want to help them with affording their first car.
Copyright Press Association 2013
How would you cope financially if you lost your job, fell seriously ill, or had an accident? Our great value Income Protection Insurance helps you plan for the unexpected and comes with added extras you won't always find with other insurers!