Mums Urged to Budget to Help Kids with University Costs
More than half of UK mums want to help their children pay for University costs, a study shows.
The increasing cost of going to University has led 60 percent of mums to feel they should help their kids out when it comes to paying fees and loans off, Confused reveals.
While the general high cost of living has also seen 50 percent of mums hoping to help their children buy and insure their first car, and 55 percent with a deposit for a house.
The average house price for a first time buyer is around £160,000, and saving for a high deposit is harder than ever before, meaning more young people will need some financial help from mum and dad.
“It’s not at all surprising that mums want to help their children reach landmark goals,” commented Matthew Lloyd, Confused head of life insurance.
The average cost of a UK wedding is between £15,000 and £25,000, which has meant 50 percent of mums would also like to be able to help their children manage these costs too. While 29 percent of mums would like it if they could support their offspring with the cost of travelling.
The cost of travelling and taking the traditional gap year before or immediately after university is too much for many youngsters in the current economic climate however, highlighting the need for financial support from parents.
Research by LV= travel insurance showed this was the case for 2.75 million youngsters, and as a result many gapers are cutting the length of their travels and taking a ‘snap year’ instead, travelling for five weeks instead of the traditional 12 months.
Over the past five years the number of Brits taking long trips like this has declined by 69 percent, with over a fifth of the 2.75 million cutting the break short due to financial constraints.