A fifth annual survey from Discover Student Loans has found that parents are increasingly expecting their children to take responsibility for their finances whilst at college or university. As the cost of higher education continues to rise, the study found that 48% percent of parents assume that their children will pay for most, if not all, their college or university fees compared to 39% in 2012. This raises the issue of teaching financial literacy education to children whilst they are still at school so that they will be better informed and well placed to make astute decisions regarding the cost of high education. The findings also show a significant increase in student loan debt among students who have been educated outside of UK universities.
A fifth annual survey from Discover Student Loans has found that parents are increasingly expecting their children to take responsibility for their finances whilst at college or university. As the cost of higher education continues to rise, the study found that 48% percent of parents assume that their children will pay for most, if not all, their college or university fees compared to 39% in 2012. This raises the issue of teaching financial literacy education to children whilst they are still at school so that they will be better informed and well placed to make astute decisions regarding the cost of high education. The emphasis is on parents to prepare their children for these decisions sooner rather than later and to teach money management skills before they enter college, university or the workplace.