Ged Hosty, Managing Director of Equity Release at Partnership looks at this research which shows that 1.7 million grandparents have contributed towards their grandchildren’s university fees:

“Although UCAS figures showed that university applications dropped when maximum tuition fees rose to £9,000, this trend is starting to reverse as people look to other sources of finance – such as their families – in order to meet their higher education aspirations.   However, while it is natural for people to want to help their grandchildren to continue their studies, even a proportion of £27,000 is a lot of money to find for someone on a fixed income.

“Retired people who do want to give their younger relatives a financial helping hand to realise their university dreams need to take stock of all their assets – including their home – to ensure they can provide this assistance and still enjoy a good standard of living.”

The research has been published ahead of a major piece of academic research by ILC-UK, supported by Partnership and Key Retirement Solutions which will be published on 15^th October and which explores the full extent of grandparental giving. 

For a copy of the ILCUK/Key Retirement Solutions release, please email [email protected] or phone 0207 6182744.

Methodology:

• Consumer Intelligence      interviewed 2,072 parents and grandparents for Key Retirement Solutions      between 16 and 20 August 2013
• UCAS – http://www.ucas.com/news-events/news/2013/2013-cycle-applicant-figures-%E2%80%93-june-deadline