Families are not saving for university

Many families do not believe they have enough money saved in their accounts with the best savings interest rates in order to support their offspring through university.

According to a poll by instant online credit information provider Equifax of its customers, while parents still want their children to attend university, fewer are willing to foot the bill.

Some 64 per cent of respondents claimed that they thought their child would seek out higher education, but nearly half admitted that they were not contributing to accounts with the best savings interest rates to support them.

It also revealed that 82 per cent of students are not saving for university either.

"It is clear that the issue of financing it is a very big worry," said Neil Munroe, external affairs director at Equifax.

"We believe [students] should take control of their finances from the outset of adulthood, understanding all the factors that will influence their future ability to participate in society," he suggested.

New research by R3's Personal Debt Snapshot found that almost half of Brits are worried about their debt levels.

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2011-08-16 13:11:09 © Moneyextra.com