Survey reveals growing number of grandparents contributing towards their grandchildren’s university education

 

Growing numbers of grandparents are having to dig deep into their pockets to contribute towards the cost of their grandchildren’s university education, according to a survey.

A survey of more than 2,000 parents and grandparents found that the number contributing is expected to soar to around 1.7 million over the next few years. The research was carried out by over 55’s advisers Key Retirement Solutions,

They found that currently around three per cent of grandparents were helping fund their offspring through university - but the number is expected to increase to nearly 13 per cent over the next decade (10 per cent of those between 55 and 64 and rising to 15 per cent of those above 65).

The reason is the soaring cost of a university education now tuition fees have risen to £9,000 a year.

“The numbers of grandparents providing financial assistance for university tuition is set to rocket from current levels as the implications of the £9,000 a year tuition fees become clear,” said Dean Mirfin, group director of Key Retirement Solutions.

“With finances for the over 55s under strain from falling annuity rates and historically low savings rates taking on extra commitments requires careful thought and planning.”

Suggested Topics
Have you tried new the Independent Digital Edition apps?
  • Get to the point
Latest stories from i100
Have you tried new the Independent Digital Edition apps?
iJobs Job Widget
iJobs Student

SThree: Associate Recruitment Consultant

£20000 - £25000 per annum + uncapped commission: SThree: SThree are a global F...

Recruitment Genius: Graduate Human Resource Officer and Executive Assistant

Negotiable: Recruitment Genius: This is an exciting opportunity to join one of...

Guru Careers: Marketing Compliance Assistant

£18k: Guru Careers: We are seeking a Marketing Compliance Assistant to join a ...

Recruitment Genius: Project Assistant

£18000 per annum: Recruitment Genius: If you are a recent psychology graduate ...

Independent Dating
and  

By clicking 'Search' you
are agreeing to our
Terms of Use.

Day In a Page

Revealed: Why Mohammed Emwazi chose the 'safe option' of fighting for Isis, rather than following his friends to al-Shabaab in Somalia

Why Mohammed Emwazi chose Isis

His friends were betrayed and killed by al-Shabaab
'The solution can never be to impassively watch on while desperate people drown'
An open letter to David Cameron: Building fortress Europe has had deadly results

Open letter to David Cameron

Building the walls of fortress Europe has had deadly results
Tory candidates' tweets not as 'spontaneous' as they seem - you don't say!

You don't say!

Tory candidates' election tweets not as 'spontaneous' as they appear
Mubi: Netflix for people who want to stop just watching trash

So what is Mubi?

Netflix for people who want to stop just watching trash all the time
The impossible job: how to follow Kevin Spacey?

The hardest job in theatre?

How to follow Kevin Spacey
Armenian genocide: To continue to deny the truth of this mass human cruelty is close to a criminal lie

Armenian genocide and the 'good Turks'

To continue to deny the truth of this mass human cruelty is close to a criminal lie
Lou Reed: The truth about the singer's upbringing beyond the biographers' and memoirists' myths

'Lou needed care, but what he got was ECT'

The truth about the singer's upbringing beyond
Migrant boat disaster: This human tragedy has been brewing for four years and EU states can't say they were not warned

This human tragedy has been brewing for years

EU states can't say they were not warned
Women's sportswear: From tackling a marathon to a jog in the park, the right kit can help

Women's sportswear

From tackling a marathon to a jog in the park, the right kit can help
Hillary Clinton's outfits will be as important as her policies in her presidential bid

Clinton's clothes

Like it or not, her outfits will be as important as her policies
NHS struggling to monitor the safety and efficacy of its services outsourced to private providers

Who's monitoring the outsourced NHS services?

A report finds that private firms are not being properly assessed for their quality of care
Zac Goldsmith: 'I'll trigger a by-election over Heathrow'

Zac Goldsmith: 'I'll trigger a by-election over Heathrow'

The Tory MP said he did not want to stand again unless his party's manifesto ruled out a third runway. But he's doing so. Watch this space
How do Greek voters feel about Syriza's backtracking on its anti-austerity pledge?

How do Greeks feel about Syriza?

Five voters from different backgrounds tell us what they expect from Syriza's charismatic leader Alexis Tsipras
From Iraq to Libya and Syria: The wars that come back to haunt us

The wars that come back to haunt us

David Cameron should not escape blame for his role in conflicts that are still raging, argues Patrick Cockburn
Sam Baker and Lauren Laverne: Too busy to surf? Head to The Pool

Too busy to surf? Head to The Pool

A new website is trying to declutter the internet to help busy women. Holly Williams meets the founders