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Last Updated: Wednesday, 4 May, 2005, 23:35 GMT 00:35 UK
Parents saving for school costs
Parents save 36 a month on average, the survey says
UK parents are saving more than 250m a month to help pay for their children's education, a survey suggests.

The savings bank ING Direct found 44% were putting money aside for school, college or university, averaging 36 a month each.

Some 8% of parents saved between 50 and 75 but one in 10 had made a lump sum investment instead.

The polling group YouGov questioned 2,034 people online during April for the survey.

Clothes cutbacks

Some 46% said they were cutting back on nights out to save money towards their child's education, while 43% were buying fewer clothes.

Just over a third were going without holidays and 30% had foregone work on their car.

Parents in Scotland were most likely to be putting money aside for their offspring, with 58% saving on a monthly basis.

Those in the south of England were least likely to be saving, with 41% doing so.

A recent poll by the online bank Egg found parents spent an average of 2,916 a year on a daughter and 2,790 on a son.

This amounted to nearly 50,000 per child by the age of 17.

The poll also suggested the spending did not stop at adulthood, with many parents giving money to their children in their 30s.

50,000 cost of raising a child
11 Nov 04 |  Education

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