A fifth of parents intend to work overtime in order to help pay for their child's university fees and other costs from 2012, new research has revealed.
Just under one-sixth of parents (15 per cent) are actually considering taking on a second job to help pay for their child's university education, according to a HSBC survey.
Nine in ten parents still intend to do everything they can to help with costs, with fees set to treble from next year across the majority of institutions.
However, half of parents have still not started to save, despite the extra anticipated costs.
On top of increased fees, many parents will also feel obligated to help their offspring with the cost of accommodation, averaging £3,807 at university halls.
The bank's survey revealed that a quarter of parents (26 per cent) will advise their child to live at home while at university, in order to cut back on costs.
HSBC Head of UK Savings Bruno Genovese believes that it is prudent to start saving as "early as possible" to avoid having to take "drastic measures further down the line".
Recent research by the Association of Investment Companies suggested that half of students now expect to graduate with over £20,000 of debt.
A fifth are considering taking a lower-cost course to avoid having to pay the £9,000 tuition fees that will be demanded by the majority of institutions.
Source: Jennifer Smith, Sfs-group.co.uk, Monday 11th July 2011
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