Parents Student Funding Support

Middle-aged parents still paying for kids

More parents are supporting their children until they are well into their 20s as over two thirds believe that their children still need financial assistance.



According to a new survey by GE Life, many parents could be putting their own financial security at risk through paying out too much to their kids.

Half of parents have given money towards their child's first car and 43 per cent have contributed money towards their child's wedding.

University fees are the largest spend, with parents contributing an average of £7,665 to help their child continue in education.

And 30 per cent of the over-50s are paying some, if not all of their child's living costs, believing that it is their duty as a parent.

Kirsty Macpherson, a GE Life spokesperson, commented: "It may be time for parents to begin cutting those apron strings and start planning for their own future, with the benefit of sound independent financial advice."

The cost of living in Britain is rising faster than in any other country in the world, restricting the independence of a whole generation of UK residents.

Parents supporting students

If you are a parent giving financial support to your child at university or are supporting your partner through higher education, you are required to supply details of your household income to the Local Authority to enable it to assess the grant, loans and other help available to the student.

If you are divorced or separated from the other parent of your child at university, only yours and your child’s income will be taken into account. However, if you have remarried or live with a partner, their income will be considered too. If you have other dependent children, £1,050 per child will be deducted from your household income figure.

The Local Authority will also assess the contribution you should make based on your household income. You are not responsible for repaying any student loan your child or spouse at university takes out.

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