Over half of students receive parental funding through university

Over half (53%) of students receive funding from their parents to help them through their studies, according to research by the Halifax.

Keeping it in the family...

The research discovered that the highest proportion of student funding came from parents. Compared to last year's results, parental contributions have increased this year. It was stated as the second most common method of funding last year, with a job being the most common method.

Interestingly, compared to last year's results, students are more likely to save money to help themselves fund their studies. Last year only 29% of the respondents stated they had saved money, compared to 36% this year.

Grandparents also appear to be doing their bit this year to try and help out their student grandchildren, with 5% of the respondents indicating that they had helped them out.

Scottish students' parents are the most generous...

Students in Scotland were the most likely to receive funding from their parents, with three-fifths (60%) compared to Northern Ireland who receive the least funding from parents with just over a third (38%) of students indicating they did.

Parents are more generous in their child's third year of study...

Students in their third year of studying were likely to receive more funding from their parents, with just over three-fifths (61%) compared to only half (50%) in their first year. Students were least likely to receive parental aid in their second year with less than half (48%) indicating they would/did.

Mike Regnier, Head of Banking at Halifax, comments on the finding: "These results show how much students still rely on their parents even though they are leaving the nest to go off to college or university. The bank of mum and dad is still a key contributor to students affording further education, even with the additional funding that is available to them."