University fees causing 'financial strain'

Future generations could miss out on university education as parents admit they are struggling to save the funds they would need in accounts with the best savings rates.

A study by uSwitch.com found that four in ten parents feel pressured to pay for their children's university fees, despite the fact that 57 per cent claim it is putting them under financial strain.

Over a third of people think that university should be free to everyone, with just a quarter thinking they should charge fees. Of those, only 14 per cent think the £9,000 maximum fee is reasonable.

Some 63 per cent think that the value of degrees is being eroded.

"The fact that future generations could miss out on university because of costs is very worrying. Young people looking at getting a degree today are facing a double whammy of rising tuition fees and a stagnant job market," said Michael Ossei, personal finance expert at uSwitch.com.

However, the Buildings Society Association has praised Junior Isas, claiming they will make saving easier for parents.

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2011-10-28 13:22:23 © Moneyextra.com