Funding university

The rising cost of universtiy education means many families will have to rethink how they are going to help their children out during this important period of their lives.

The total cost for those starting a degrees in 2012 is estimated to be an incredible £48,409 as the cost of tuition fears soars, as well as there being higher accommodation and living costs. According to a survey by HSBC, at least one in ten parents have told their kids that they're on their own with shouldering the costs, while of those who do plan to contribute, 54 percent plan to save more to help fund university costs, while others plan to give up luxuries, take on more overtime or go for a second job.

Bruno Genovese, head of UK savings at HSBC, said: 'The cost of sending a child to university is rising and for many parents this additional expense is not something they had factored in to their spending.

'For those parents who do plan to help their children pay for this milestone, it is vital to start thinking now about how they will do this. If not, it is probably that they will have to take drastic measures further down the line.'

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