Student debt 'a very real fear' among parents

 (Photo: Sufi Nawaz)

A YouGov survey reveals that parents worry how well their kids will budget when they first leave home.

The survey, commissioned by Ukash, found that over a quarter of parents (26 per cent) with a child aged 16-21 either at university of planning to go voiced concern about their offspring getting into debt.

While 16 per cent said they were "very confident" in their child's ability to look after their money well, and 15 per cent said getting a good degree is more important than debt, 32 per cent said they were either "not very" or "not at all" confident in their child's budgeting abilities.

More than half of parents (55 per cent) cited that learning to manage money well is a valuable aspect of a university education, perhaps especially given that almost a third (29 per cent) worry that their children will struggle to find employment upon graduating.

"University is a fantastic and unique time to make the most of new-found independence, but this lifestyle can all-too-easily lead down a slippery slope to long-lasting debt if outgoings aren't managed carefully," explained Miranda McLean, Marketing Director of Ukash.

"Our research demonstrates that this is a very real fear amongst many parents.

"Many, if not most, students rely on the 'Bank of Mum and Dad' at least to some extent in order to get them through uni. With high tuition fees and the general increased cost of living, this can be a tough time for parents."

Suggestions for worried parents include talking through budgets with children before they head to uni, or sending them cash in smaller, easier-to-manage instalments instead of a large lump sum at the beginning of term.

Newsletter Stay up to date with Christian Today
News
Let’s encourage our churches to support and pray for their elected representatives
Let’s encourage our churches to support and pray for their elected representatives

Last week’s elections confirm that people have lost trust in both the system and the politicians - and the fragmentation that exists in British politics. 

Church of England celebrates continued post-pandemic growth
Church of England celebrates continued post-pandemic growth

The Church said it was encouraged by five years in a row of growth while acknowledging that growth, attendance and participation remain below pre-pandemic levels.

Christians among main victims of Islamist violence in eastern DRC
Christians among main victims of Islamist violence in eastern DRC

Christians in eastern Democratic Republic of Congo (DRC) are facing escalating violence from an Islamic State-linked militant group accused of massacres, abductions and systematic terror attacks across villages and churches, according to a major new Amnesty International report.

World Cup 2026 mission campaign aims to mobilise 10,000 churches
World Cup 2026 mission campaign aims to mobilise 10,000 churches

Evangelism and discipleship ministry Cru is hoping to mobilise 10,000 churches to spread the gospel during this summer’s World Cup taking place in the US, Canada and Mexico.