Is uni affordable? Most parents don't think it is any more

A new survey shows seven in 10 parents think uni is unaffordable

Updated: 

Graduands during their graduate ceremony

Since university started coming with an obvious price tag, questions have been asked about its value and affordability.

Now a new survey says that seven in 10 parents believe uni has become unaffordable for most people in the UK.

But nearly half of parents believe that their child still needs an undergrad degree to get on, or more specifically to "achieve their life goals".

Some 72% of parents would like their child to follow a specific career path, with engineering and medicine topping the list of their preferred choices.

Nine in 10 parents surveyed said they plan to contribute to their child's tuition fees and/or living costs

Across the UK, parents who currently borrow, or plan to do so, to fund their children's university costs expect to be repaying the debt for eight years on average – and for their children to be typically paying off their share for 12 years.

Caroline Connellan, head of UK wealth at HSBC, said that university costs can be the biggest financial commitment that families face, aside from their mortgage.

She said: "Many parents feel a responsibility to help pay for their children's education."

The research was carried out by HSBC for its Value Of Education Learning For Life report. It surveyed 352 parents from across the UK with at least one child under the age of 23.

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