Parents whose children choose to pursue top careers could end up footing high bills further down the line, it is believed.

According to the Children’s Mutual, many of the country’s five and six-year-olds are considering high-end careers in the future, with teachers, doctors and vets ranking as the top three.

The report believes the cost of a three-year degree could cost as much as £42,000, although by the time these children reach the right age, it could equate to as much as £56,300.

Tony Anderson, marketing director at the Children’s Mutual, said: "It’s encouraging that today’s five and six-year-olds have such lofty ambitions.

"But the top three career choices all require higher education and training in order to be able to fulfil them, meaning parents are likely to have to find significant lump sums to help their children achieve their aspirations."

David White, chief executive of the Children’s Mutual, recently said that the country needs to return to a situation where its expenditure is under control, which could involve debt management strategies.