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Parents expecting to send their children to university believe it will cost them £17,165 over the length of the average degree course, according to the latest Lloyds Bank Spending Power Report.
Just ten years ago this would have been enough to cover the total cost of tuition fees at every university throughout the UK comfortably. Two thirds (66%) of parents planning on sending their child to university expect to support them financially, anticipating an annual spend of £5,721; now less than one year’s tuition at many universities outside of Scotland today.
This potential expenditure seems large as parents believe they will need to support their child on all aspects of university life. Just short of two thirds (65%) anticipate their child to require support with accommodation costs, whilst 64% plan to spend on items required for their child’s study. Over half of parents (58%) are expecting to aid with tuition fees, while 52% plan to help with travel expenses.
One in four (25%) parents earning over £35,000 would be willing to provide towards luxuries, compared to just 17% of those earning less than £35,000. Over two thirds (68%) of those under £35,000 would spend the extra money on items deemed essential to their child’s study.
Just one in ten (14%) do not anticipate aiding their child financially during their studies.
For assistance or advice regarding investments, savings and planning for the future, contact our expert team today.