Parents Count the Cost of Children’s Education
90% of British parents are planning to contribute to the cost of their child’s university education, according to new research compiled by HSBC.
The findings come after estimates emerged suggesting that graduates could face an average total bill of £48,409 if completing a degree course when the new fees system comes into place from September 2012.
Of course, that average total includes everything from living costs to university fees, but it remains a startling figure nonetheless.
The survey questioned 1000 parents with children currently under the age of 18 about their attitudes towards costs in higher education.
Of those parents who said they would contribute, which is still the vast majority, the responses as to how they planned to raise funds threw up some intriguing suggestions.
The responses included things like parents planning to work more overtime, downsize their existing properties and asking grandparents for help.
All of these suggestions can be considered hypothetical at this stage, but they do raise an interesting point for consideration in the long term.
How can parents justify putting large sums towards their child’s higher education if there is little prospect of a job for their child at the end of the process?
While the amount of graduate jobs available has risen slightly from last year, the amount of applications has also risen to unprecedented levels.
New research also suggests that more than a quarter of this year’s graduates are expected to move back in with their parents upon completing their degree course.
It is hardly an attractive proposition that you could spend a vast amount of money on your child’s education only to see them move in with you immediately after they complete their studies.
With the average cost of a 3 year BA course expected to cost around £50,000 for anyone starting in 2012, parents who are willing to contribute towards their child’s education may have to look into securing loans or getting hold of a prepaid credit card.