Parents fear decade of debt
New research has revealed parents are worried they will have to fund their children’s debts for more than 10 years after they graduate.
Skandia, a provider of long-term savings products, conducted research among 1,940 parents with children aged under 18 years old and found 40% fear they will face a decade of debt after their kids graduate. While 61% hope their children will go into higher education, recent figures suggest graduates have average debts of £30,000 due to the spiralling cost of fees, rent and living expenses.
Londoners are most worried about helping with this debt burden (52%), but in general, 83% of parents want their children to be financially independent as young adults.
Michelle Cracknell, spokesperson for Skandia, commented: “Rising costs are forcing more parents to make a choice between education for their children and financial freedom for themselves.
“While this is a bitter pill for many to swallow, there are a number of innovative investment solutions available to parents to help ease the burden. Seeking financial advice could help both parents and children to realise their long-term goals and dreams.”