Teens set on university, despite costs
A new survey has revealed that over two thirds (66%) of British teenagers still plan to pursue a university education despite the recent increase in fees.
However, the survey by VoucherCodes.co.uk of 1,400 people also showed that the degree path will mean large sacrifices for their parents with nearly one in ten (9%) planning to re-mortgage their house to cover the cost. Additionally, almost a fifth (15%) of dedicated parents plan to work a second job to help support their child through university.
Given the recent financial crisis, it’s not surprising that one in five (20%) parents admitted that they won’t be making any financial contributions to their child’s higher education costs. Encouragingly, 75 per cent of university bound teenagers intend to contribute to their fees and living costs with more than a fifth (22%) using their savings, and a savvy 18 per cent selling unwanted items on eBay.
For the British teenagers who plan on giving university a miss, over half (56%) plan on going into full time employment, a quarter (25%) plan on going travelling, and an ambitious 14 per cent of teens want to start their own business instead.
Duncan Jennings, co-founder of VoucherCodes.co.uk said: “It’s clear that parents are making enormous financial sacrifices to enable their children to pursue a university education, and it demonstrates that a degree is still highly valued by British families, despite the high cost. University is undoubtedly an expensive process, but there are many ways that students and parents can save money with careful budgeting and money management.”
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