More than one in 10 parents are paying for or saving towards their children’s university fees to help them avoid accumulating student debt, says Standard Life.
The findings come amid renewed scrutiny of student debt and the impact on people’s finances long after they have left university.
With tuition fees in England set at £9,790 per year for the 2026/27 academic year, a typical three-year degree costs around £29,000. However, if tuition fees rise by 2% a year, a child born today could face a tuition fee bill of almost £43,000 for a three-year degree by the time they reach university.
To relieve this burden, 13% of parents are either paying for or actively saving towards their children’s university fees. Parents with children under the age of 18 are especially likely to be planning ahead, with almost a fifth (18%) already saving towards future university costs, compared with 11% of parents whose children are over 18.
Standard Life said student loan support forms part of a broader trend in how parents are supporting their children through major financial milestones. Two thirds (66%) are helping with costs that go beyond day-to-day expenses, while 73% say doing so has had an impact on their own finances.
Over one in 10 (13%) say supporting their children has caused them to save less into their pension, while 16% expect to retire later than planned and the same number (16%) believe their retirement lifestyle will be more modest than expected.
Mike Ambery, retirement savings director at Standard Life, said: “Supporting children through education is one of many moments that can shift financial priorities, and it’s completely normal for saving patterns to change during these periods.
“However, moments like this highlight why long‑term planning matters as much as short‑term support. While many parents are focused on helping the next generation, it’s important they don’t lose sight of their own long-term goals. Retirement can last decades, and even small pension contributions can make a meaningful difference over time.
“For parents supporting children through university, planning ahead, reviewing finances regularly and setting realistic expectations around what support can be provided can all help reduce financial pressure later on. Continuing to contribute what you can afford towards your pension while gradually building savings for future education costs can help families strike the right balance between supporting children today and protecting their own future.”
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