Sainsbury's Finance notes financial strain of university

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Sainsbury's Finance notes financial strain of university

Sainsbury's Finance has pointed out how much financial strain parents come under when they send their children to university.

Steven Baillie, head of loans at the company, made his comments following the release of a survey which showed that 53 per cent of students receive financial help from their family when they go to university.

He stated that it is essential for parents to look for the best deal if they decide to take out a personal loan to cover the costs, because the current economic climate is taking its toll on many families' finances.

"There is no doubt that university life is becoming increasingly expensive and financial contribution from parents is viewed as an integral part of the government's university funding," said Mr Baillie.

Sainsbury's Finance found that parents give £8,070 on average to their children throughout the course of their studies.

Recent research by HSBC indicated that 59 per cent of students rely on their parents' financial support at university.

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