Sat. Mar 23rd, 2024

Parents struggle to support their children at university

By Grace Henley Feb 21, 2024
Many Students depend of financial support from parents at universityPhoto: Unsplash/ Alexander Grey

As the cost of living rises, parents now struggle even more with the pressures and strains to support their children who are studying at university. 

Jasmine, a KSA student admitted that her studies had caused further pressure on her parents’ finances. She said she feels lucky to receive small instalments from her parents but also feels guilty receiving money in addition to her loan.

“I guess there is some level of guilt for me knowing the money they send me is essentially coming out of their savings at the moment,” said Jasmine. Her loan was also reduced this year which seemed illogical to her as the cost of living has had an impact on her family’s finances across the board. 

In a study commissioned by Greene King, 73% of parents admit that they would financially struggle to support their child at university. A further 19% of parents say they would urge their children not to go to university at all.

Last year, Jasmine’s parents had to ask her grandparents for financial support in order to pay for her current housing deposit. They have also had to increase their mortgage to make some extra disposable money to aid her. 

In a recent article from Martin Lewis, he explained how the student loan system presumes a level of support from families that are considered higher income. The article suggests an “implied parental contribution” that is expected of parents. He further explains how he feels that it is a good idea to start saving for your child’s study early: “So if you have a ten- or 12-year-old now and you’re on that type of income or even a bit less, you need to start thinking, “How am I going to save that?” So the money is put aside for their future.”

Related Post