As tuition fees rise to £9,000, in order to finance three years of study students intending to go to university next year will have come up with almost £50,000, says a new study.

The increase in tuition fees, however, is only one expense that students will incur, as estimates suggest that over the period of one degree, students will spend an average of over £10,000 on accommodation alone.

The study suggests that with living expenses and the cost of course books added on, the complete total amounts to around £48,000.

If your child intends to go to university, ensuring that they have the financial means will need some careful planning, and, for many parents, setting money aside for their children is a fundamental ingredient in building their child’s future.

However, with the abolition of the Child Trust Fund, and its successor the Junior ISA not up and running until November, parents will be searching for different ways to assist their children in becoming good savers.

Natasha Terbraak of CompareJuniorIsa.com, a soon-to-be-launched online resource for Junior ISAs and children's savings, said: “The Junior ISA will be a vital savings vehicle for many families now that tuition fees are set to treble, and will hopefully alleviate the affect of the hikes on students that would otherwise have been priced out of pursuing further education.

"However, with university living expenses taken into account, a Junior ISA or Child Trust Fund may still leave some of the costs uncovered – which is why parents shouldn’t disregard the Child Tax Exempt Savings Plans that can be maintained alongside them.”

Child Tax Exempt Savings Plans are offered by friendly societies, and allow tax-free savings in small contributions of between £10 and £25 per month for a long-term period.

www.CompareJuniorISA.com is a soon-to-be-launched online resource for parents, covering Junior ISAs and all other children's savings options.

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Joe HQ Luong

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MyEggNest.com

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