Parents shocked at university costs

Getting a degree is an expensive business

The majority of parents in England want their children to go to university but are shocked at how much it will cost them, research suggests.

A survey of parents with children currently under the age of 12 indicates that 83% feel it is important that their children continue their education to university level.

But when parents in focus groups were told that they would have to pay about £22,000 for their child to complete a three-year degree while living away from home, most were stunned.

For the survey, 2,000 parents with children under 12 were questioned, with smaller numbers in focus groups interviewed in greater detail.

More than three quarters - 77% - said they felt it was their responsibility to fund their child's university education.

But one in five said they did not know how they would find the money.

'Plan early'

The researchers concluded that although most parents are aware that the costs of university education are high, they do not realise how high.

They also said parents were unaware of the "urgent need" to save, in order to be able to pay for their children to attend university.

The survey was commissioned by Policy Portfolio, founder of the traded endowment policy market.

Managing director Brian Goldstein said: "Most parents with children under 12 want them to go to university, but our research has highlighted a serious problem - while the majority of parents expect to pay the costs, very few are prepared for a bill of up to £22,000.

"Parents need to plan early, the earlier the better."