Investment firm M&G is urging parents to help meet students' outgoings when they go to university as the cost of living increases.
According to joint research from the National Union of Students (NUS) and HSBC, the average UK student will have to fork out £4,900 for their annual accommodation and living costs, with tuition fees costing a further £3,145.
Commenting on the research findings, Jonathan Willcocks, managing director at M&G investments, said: "As a parent myself, I am very aware of the demands that children can make on your finances, so by investing regularly in an actively managed fund such as the M&G Recovery Fund, parents can look to ease the strain with an investment that grows over the long term."
Students are entitled to borrow 100 per cent of what their university charges for tuition fees through the Students Loan Company - which is then paid back once the student starts earning a minimum of £15,000.
People going to university are also entitled to a maintenance loan, which helps with the day-to-day cost of living.
How much loan you receive is dependent on where you live and your family's income.
