Parents raid pensions to meet costs of university

Parents are taking on second jobs and raiding their pensions to put their children through university, a survey found today.

Half of London parents want their children to stay at home to study in order to cut back on bills.

But 16 per cent said they would re-mortgage the family house to help fund a university education for their children, the Norwich Union survey of 1,200 people said.

A quarter of a million teenagers will get their A-level results next week.

Cheryl Cox, from Norwich Union, warned that parents were increasingly prepared to put their own financial stability at risk to help their children.

She added: "We all want to do the best for our children but, by making the ultimate sacrifice and using their pension funds to cover the costs, [parents] may face a bleak financial future."

The survey found one in five parents across the country was using a pension, credit card or bank overdraft to help fund a child through university. In London, 19 per cent of parents would take on a second job to help their children.