Tomorrow’s students and their parents are unprepared for the levels of debt they are likely to be burdened with on graduation, new research has found.

The research from the Association of Investment Trust Companies (AITC) has revealed that parents expect their children to leave with an average of just £7,080 debt – but national average debt on graduation is currently £13,500, nearly double this amount.

Students also underestimated the level of debt they were likely to get into, students estimate their average level of debt on graduation will be just £6,199 – £7,301 less than the average debt.

The research also revealed that financial problems are the largest anxiety for both parents and tomorrow’s students with financial concerns preoccupying 55% of 16-19 year olds and 45% of parents, with debt being the greatest single worry for both groups.

Annabel Brodie-Smith, communications director at the AITC, said: “It’s alarming that so few of tomorrow’s graduates or their families really comprehend the financial implications of going to university.

“Many young people go to university to enjoy some of the best years of their life but on graduation they find themselves struggling to repay their debt.”