Parents dig deep for children's education

Almost half of parents are putting their own needs on the backburner to save 250 million a month for their children's future, new figures show.

11:08 05 May 2005

Almost half of parents are putting their own needs on the backburner to save 250 million a month for their children's future, new figures show.

According to savings bank ING Direct, 44 per cent of parents are now putting money in the bank for their offspring's education, with many cutting down on socialising to help their children.

This is a massive increase on the 12 per cent of parents that were saving for their children's education three years ago, ING revealed.

On average proud mothers and fathers are investing 36 a month, with one in ten putting a lump sum away rather than a monthly deposit.

"It is encouraging to see almost half [of the UK's parents] are making financial provisions for their children's future," said Lindsay Sinclair, spokesman for ING Direct.

He added: "We advise parents to start saving as soon as they can so that they are fully prepared for the increasing financial burdens that education often brings."

ING also uncovered the lengths to which parents are going in order to provide for their children's education.

Close to one in two (46 per cent) said that they have cut back on nights out with friends, and almost as many (43 per cent) said that they are holding back from going shopping and buying fewer clothes. More than one parent in three admitted to ditching holiday plans or not upgrading their car to increase their child's education fund.

ING found children in Scotland have the most generous parents, with 58 per cent of their mums and dads putting money away for their education, and close to a quarter of these saving well over the UK average at 76 and 100 a month.