Children Expect Parents to Pick Up the Cost of University Fees

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• Publié par: legal-and-general
• Nombre de lectures: 21
• Langue: English

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Children Expect Parents to Pick Up the Cost of

University Fees

PR Newswire

LONDON, May 30, 2012

LONDON

,

May 30, 2012

/PRNewswire/ --

More than a quarter (28%) of children expect their parents to pay at

least half of their university fees

Less than one in ten (8%) plan to take a job in order to fund

university themselves

One in fifteen concede that they wouldn't be able to afford university,

despite wanting to go

Research* from Legal & General Investments, one of the UK's largest

investment providers finds that more than a quarter of children expect their

parents to foot at least half the bill for university.

The survey of 1,000 children, aged between 6 and 15, offers an insight into the

financial expectations of children from across the UK. The research

accompanies the launch of the Legal & General Investments Junior ISA and

Finance is Child's Play

video which gives a charming insight into money from a

group of six year olds from across the UK.

Encouragingly, the research also found that more than a quarter (26%) of

children plan to help pay for university fees themselves. Of this group, almost

one in five (18%) say they will take a part time job and split the payments with

their parents while one in twelve (8%) intend to pay the full costs alone. For

seven per cent of children however, university is a pipe dream, stating that

despite wanting to go, they wouldn't be able to afford the fees.

Claire Evans, Marketing Director of Legal & General Investments, said: "Our

research shows that children expect significant financial support into adulthood.

University fees are at an all-time high and the cost to fund a child through a

three year course can cost tens of thousands of pounds."

She continued: "We believe that saving for your children's future is vital. Set

against a backdrop of increased university tuition fees, it is paramount that

preparations are in place to give children the very best start in adult life. All

parents want to provide their children with choice and opportunity as they

approach adulthood and ensuring money is available will help ease the

transition."

Previous research from Legal & General Investments revealed that UK parents

are currently putting aside an average of around

GBP40

a month per child,

creating a pot likely to reach

GBP13,866*

*.

The new Junior ISA, which complements the Child Trust Fund, provides parents,

family and friends with an attractive and tax efficient way of saving for eligible

children up to a maximum annual allowance, which is currently

GBP3,600

.

Legal & General Investments has launched a stocks and shares Junior ISA which

currently allows

GBP3,600

of tax efficient savings each tax year. For more

information visit legalandgeneral.com/investments/isas/junior-isa

NOTES TO EDITORS

The information contained in this press release is intended solely for journalists

and should not be relied upon by private investors or any other persons to

make financial decisions.

* Figures from OnePoll. Total sample size was 1,000 UK children aged 6 to 15

years. Fieldwork was undertaken

6 February 2012

. The survey was carried out

online.

** Estimated using monthly deposits of

GBP40

and based on growth of 5% a

year for 18 years, not including the effect of any taxation or charges.

This is a stocks and shares Junior ISA, so the value of the investment may fall as

well as rise and is not guaranteed. The child could get back less than the

amount invested. The money is locked away until the child becomes 18 when it

rolls up into an adult ISA. It should be viewed as a medium to long-term

investment of at least five years.

The tax assumptions we have made are those currently relevant, but tax laws

can change over time. The value of the tax benefits depends on individual

circumstances.

The Legal & General Group, established in 1836, is one of the UK's leading

financial services companies. As at

31 December 2011

, we were responsible for

investing

GBP378 billion

worldwide on behalf of investors, policyholders and

shareholders. We also have over seven million customers in the UK for our life

assurance, pensions, investments and general insurance plans.