Support your child through uni without wiping out your own finances

WITH AROUND SEVEN IN 10 PARENTS HELPING KIDS FINANCIALLY WHILE THEY STUDY, EXPERTS EXPLAIN HOW TO DO IT SO YOU DON'T OVERSPEND

- 

AS millions of students are preparing to either start or return to university, millions of parents are working out how they can afford to support them financially during their time there.

Around seven in 10 parents (71%) contribute financially to help their children through university, according to research by the Association of Investment Companies.

It found the average annual contribution last year was £8,723, with around half (49%) of parents using some cash savings, and 16% using all or most of their savings to support their child.

"Helping children through university can be hugely rewarding, but it's also one of the most financially demanding commitments parents face," says Ben Clapham, planning director at financial advice firm Shackleton Advisers, which has produced a guide to help parents navigate this time.

"Rent, bills, and living costs may seem manageable at first, but over time they can quietly eat into savings and delay retirement plans," he says.