Students turn to parents to ease debt worries
Students turn to parents to ease debt worries
Thursday 2nd October 2008
A study conducted by the Halifax revealed that 53 per cent of students have received funding from their parents over the last year.
Meanwhile, grandparents were found to have helped out in five per cent of cases.
Mike Regnier, head of banking at Halifax, said: "These results show how much students still rely on their parents even though they are leaving the nest to go off to college or university.
"The bank of mum and dad is still a key contributor to students affording further education, even with the additional funding that is available to them."
News of the findings comes as separate studies have shown that students are feeling the impact of price increases more keenly than the general public because they typically spend a higher proportion of their income on goods and services which have seen the most marked rises.
Separate research from Push found that the average student currently expects to leave university with a combined debt of £17,500.
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