British parents spend an average of £3,500 a year on financial support for their children at university.
In a recent survey of 2,000 people whose children were either currently at university or had been in the last decade, a little over 30 per cent provided more than £4,000 in support annually. Meanwhile ten per cent said they spent between £3,000 and £3,999, almost 11 per cent chipped in between £2,000 and £2,999 and nearly 13 per cent gave between £1,000 and £1,999. Almost 18 per cent claimed they contributed less than £1,000 per year.
On average this works out at around £287 per month, or £3,446 annually. The funds were given to help their children pay for such things as books, stationary, travel, socialising and household bills. The money also contributed to accommodation costs and tuition fees.
As many as eight in ten parents said they provided their children with some level of financial support during university. Meanwhile just under 14 per cent claimed they had saved money, or were currently trying to, in order to fund their child’s university years in full.
The survey was commissioned by insurance firm Aviva. Customer Director Louise Colley explained that while the “vast majority of parents with children at university are helping them financially throughout their studies … few have the funds to cover all related costs”. In fact, current university students could graduate with as much as £44,000 of debt “so it’s understandable that many parents aren’t able to give their children this level of support”.
Previous research has shown that the reliance on the ‘Bank of Mum and Dad’ does not end when someone finishes higher education. In fact, the number of young adults who borrow money from their parents appears to be on the rise.