With the start of the new university year now only a month away, there is a huge gap between parent and student expectations, revealing that students underestimate their parents' willingness to help them financially, according to new research from Barclays.
Over three quarters (77 per cent) of parents are willing to provide financial support to their children, whereas only 43 per cent of students are expecting help.
Barclays says the findings show students believe their parents will contribute just over £4,000 to their university costs - while their parents estimate this figure to be over double that at just over £9,000.
Although the majority of parents expect to provide financial help, only 13 per cent actually intend to completely fund the entire cost of university.
Students are more than willing to take responsibility for these costs - 83 per cent of students will have a part-time job whilst studying, rising to 88 per cent during the university holidays. Thirty eight per cent of students also say they have already saved to pay their way.
However, of those students who are expecting financial help from parents, nearly half believe their parents have been putting money aside for years to help get them through university. However, only 29 per cent of parents say they have actually saved for this cost.
In fact nearly half (47 per cent) of all parents say they will sacrifice purchasing a new car, home improvements or a holiday to fund the cost, while over a quarter (27 per cent) say they will be cashing in investments and
savings originally set aside for something else.
Barclays says its research indicates that almost two thirds of parents feel their children have accurate expectations with regards to the actual cost of university. Parents expect their children to take some responsibility, with three quarters saying that they will sit down with them to talk finances before they head off.
However they may be wasting their time, with one in ten students saying whilst their parents may try and talk to them about money they are not interested or simply won't understand.
So, while it seems that some students will be getting more help from the Bank of Mum and Dad than they expect, Barclays says parents cannot ignore the effect that this may have on their finances.
The research indicates that it takes parents an average of five years to pay back the cost of a typical three-year university course of £25,000. With the average family having two children going to university, this is likely to be an even greater expense and responsibility for today's parents.
"It is great that students are being responsible and taking the costs of university seriously,” said Andy Harris, Head of Current Accounts at Barclays.
We are keen to give students as much support as possible through what can be a financially stressful time, for example a student bank account that gives them control of their money.
“We've also launched an online community site - 100 voices - which provides lots of information and support from other students, graduates and experts to help with adjustment to university life."
Barclays has launched the 100 Voices website, (
100voices.co.uk), written by students, for students - a peer-to-peer community where students can share insights, experiences and tips to help them manage their money as a student.
