Online investment platform rplan.co.uk estimates that by 2034, the total amount needed to get a kid through a three-year university degree will be £74,307 assuming current fees of £9,000 and annual living expenses of £8,000 adjusted for 2% annual inflation.

Investing £260.55 a month means you could have enough money to send your child to university for a three-year course in 18 years’ time, rplan calculated.

Parents with a shorter investment time-frame, say nine years, need to contribute £502.49 per month to reach a target of £62,176. Those investing for five years need to contribute £888.29 per month to accrue £57,441.

The figures are based on a 3% annual return, after charges.

By comparison, the average easy access cash ISA rate at present is just 1.11% while the best easy access savings account pays 1.55% a year.  Based on these rates, parents would have to save £310.96 and £298.58 a month respectively to reach the £74,307 target by 2034.

Stuart Dyer, rplan.co.uk’s chief investment officer, said: “The cost of studying at university has increased dramatically over the last few years and many parents or grandparents want to help contribute. Parents and grandparents that are prepared to invest at an early stage can typically take more risk. However, even with an 18-year time horizon parents may not feel comfortable with a high-risk approach to investing for their children’s education. Investments typically offer the potential for better returns than cash, though, even when a medium or lower risk approach is selected.”