You are here: Home - Credit Cards & Loans -

Parents fear decade of debt

Written by:

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.”

Related Posts


Tag Box




Financial fitness

There are 0 Comment(s)

If you wish to comment without signing in, click your cursor in the top box and tick the 'Sign in as a guest' box at the bottom.

Are you a first-time buyer looking for a mortgage?

Look no further, get the help you need by searching for your perfect mortgage

Five ways to get on the property ladder without the Bank of Mum and Dad

A report suggests the Bank of Mum and Dad is running low on funds. Fortunately, there are other options for st...

The essential Your Money guide to the April 2018 tax changes

As we head into the 2018/19 tax year, a number of key changes take place to existing policies while some new i...

A guide to switching energy provider

All you need to know about switching from one energy supplier to another.

What will happen if rates change

How your finances will be impacted by a rise in interest rates.

Regular Savings Calculator

Small regular contributions can build up nicely over time.

Online Savings Calculator

Work out how your online savings can build over time.

Having a baby and your finances: seven top tips

We’re guessing the Duchess of Cambridge won’t be fretting about maternity pay or whether she’ll still be...

Protecting family wealth: 10 tips for cutting inheritance tax

Inheritance tax - sometimes known as 'death tax' - can cause even more heartache for bereaved families. But th...

Travel insurance: Five tips to ensure a successful claim

Ahead of your summer holiday, it’s important to make sure you have the right level of travel cover or you co... Awards 2018

Now in their 21st year, our awards recognise the companies offering the best products and services to consumers

Money Tips of the Week

Read previous post:
ISA withdrawals on the rise

Net sales of UK domiciled investment fund ISAs saw outflows of £209.9m in June, up from £198.3m in May, according...