The majority of parents are not putting money aside to cover the cost of their children's UK university entry, new research has found.

According to a study by M&S Money, 52 per cent of mums and dads have not started putting funds aside to cover the cost of higher education, despite the fact that fees are set to rise to £9,000 a year at many institutions.

Of the 48 per cent who have begun saving, nearly half stated that they did not start until their child was four years or older, while 32 per cent waited until their kid turned seven.

Paul Stokes, from the M&S Money savings and investments branch, said that said that while many mums and dads will not be able to meet the full cost of sending their offspring to university, whatever they can put aside will come in useful when the time arrives.

"There are a wide variety of savings options available, so when planning your savings for your child's university fund, it's important to consider how much you can afford to save, over what time period and what return you hope to get," he added.

According to the latest edition of the QS World University Rankings, Cambridge University is the top institution in the world.

Posted by Keith Broomer

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