Norwich Union: Child's education or pension?

Those parents who put their children through college and university to support their dreams of the perfect graduate job are dipping into their long-term savings to cope with the costs, it has been claimed.

Pensions, credit cards and savings are being raided by 20% of UK parents polled by Norwich Union.

The survey also found that 38% would sacrifice holidays to supplement their children's education funds, while 13% said they would actually consider remortgaging their property.

Spokesperson for Norwich Union Cheryl Cox advised: 'We all want to do the best for our children but by making the ultimate sacrifice and using pension funds to cover the costs, a fifth [of parents] may face a bleak financial future.'

She said that although parents are excited about their children's future and their potential graduate careers financial pressures are dampening their spirits.

Another poll conducted recently by NatWest found that almost half of UK students enrolling at university next month will take on part-time jobs as they study.