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BankruptcyNews
Posted - 05 October 2007 : 09:54:54 Parents 'risk financial stability' for students
Recent research by Halifax suggesting many parents are risking their financial futures by funding their children's education has been described as "extremely worrying".
David White, chief executive of The Children's Mutual said he was concerned parents were jeopardising their financial stability in order to help their undergraduate children avoid debt.
He said parents who chose to use their retirement savings could be misguided and may end up with serious problems in the future.
"We know that the cost of university is on the up and this research clearly shows that parents of students today are … having to choose between their own financial security and bailing their children out," he said.
Parents could be seeking to avoid debt for the children following the results of a survey by independent university guide Push, which recently discovered student debt now tops £4,000 for each year of study undertaken.
It claimed the introduction of tuition fees is responsible for the increased cost of university.
