Parental saving failures could affect student finance


Student loans may be required by an increasing number of university goers as a result of parents failing to adequately save cash to contribute to their children’s tuition fees.

New research from M&S Money has revealed 52 per cent of mothers and fathers are not placing cash aside in order to help their offspring fund their higher education payments.

Furthermore, of the 48 per cent of mums and dads who have hoarded money for their offspring’s scholarly pursuits, 49 per cent did not start putting money to one side until their child turned four years old.

Paul Stokes of M&S Money – which has been running for 25 years – said: “Regardless of how much you can afford to put away each month, it’s important to remember that there isn’t a quick fix when it comes to savings .”

He added the upcoming rise in university fees is likely to mean most parents will not have the resources needed to pay off such costs in full.