You can sit on any University campus around the country and watch the ‘freshers’ starting out on their new adventure to gain knowledge and fulfil the dream of finally attaining an outstanding job. However, perhaps the educational value is at the back of most first years’ minds at least for the first few weeks, but do they really understand the cost burden that their parents are under to fund their education?

According to the latest research by Sainsbury’s finance, over half of all undergraduate students will get support from their parents to help fund their education. An average pay out by a parent is around £8,000, however one in three students will receive over £10,000 and one in ten will receive over £20,000. These are certainly astonishing figures and add considerable weight to the argument that an education is a privilege for the well off.

Those going to University in Scotland get the most financial help from parents, with an average student getting almost £10,000.

So where are parents getting the money from? Well, in an increasingly pressured environment parents are reverting to a number of options to help their kids. According to the research, 39% of parents will get the money from savings, while 14% of parents will offer free or subsidised accommodation by allowing them to live at home. At the other extreme a small percentage will even take out a personal loan. 

The big question is, will it all be worth it? Well, in an increasingly difficult job market with unemployment reaching 2.45 million perhaps any differentiating factor, such as a degree, will make a big difference. And with the average starting salary of a graduate at just under £20,000 a year, there certainly a strong case that’s its money well spent.