Parents are risking their own financial stability to provide for their children’s education, new research has revealed.
Research released by Halifax found 63 per cent of parents were using their salary to help fund their child’s university education and 59 per cent were raiding their savings.
David White, chief executive of The Children’s Mutual said it was "extremely" worrying that parents were risking financial insecurity in their old age to help their children.
"We know that the cost of university is on the up and this research clearly shows that parents of students today are having to choose between their own financial security and bailing their children out," he warned.
Children of all ages can cause parents financial hardship. A recent survey by MoneyExpert.com discovered parents of new babies find themselves with an average of £1,140 of debt by the time the baby reaches its first baby.
It discovered more than 40 per cent found themselves plunged into the red as a result of the costs of parenthood.