Wednesday 1st October 2008
Students in Scotland are the most likely to rely on the 'bank of mum and dad' to help them through their studies, according to new research from Bank of Scotland.
60% of Scottish students cite their parents as the main source of funding their further education, compared to students from Northern Ireland who receive the least funding from parents, with just over a third (38%) indicating they did.
Compared to last year's survey, parental contributions have increased this year. It was stated as the second most common method of funding last year, with a job being the most common method.
Fig 1. Sources of funding
| Source of funding | % of students receiving |
| Parents | 53% |
| Government Financial Support | 49% |
| Job | 48% |
| Borrowing | 41% |
| Savings | 36% |
| Other | 10% |
| Grandparents | 5% |
Compared to last year's results, students are more likely to save money to help them fund their studies. Last year only 29% of the respondents stated they had saved money, compared to 36% this year.
Grandparents also appear to be doing their bit this year to try and help out their student grandchildren, with 5% of the respondents indicating that they had helped them out.
Fig 2. Regional breakdown of parental funding
| Region | % Receiving funding from Parents |
| Scotland | 60% |
| London | 56% |
| Wales | 56% |
| North East | 55% |
| South East | 54% |
| South West | 52% |
| Yorkshire & Humberside | 52% |
| West Midlands | 51% |
| East Midlands | 51% |
| North West | 50% |
| Eastern | 44% |
| Northern Ireland | 38% |
| UK | 53% |
Students in their third year of studying were likely to receive more funding from their parents, with just over three-fifths (61%) compared to only half (50%) in their first year. Students were least likely to receive parental aid in their second year with less than half (48%) indicating they would/did.
Fig 3. Percentage of parental funding per year of study
| Year | % Receiving funding from Parents |
| Year 1 | 50% |
| Year 2 | 48% |
| Year 3 | 61% |
Scottish students still rely on their parents even though they are leaving the nest to go off to college or university. The bank of mum and dad is still a key contributor to students affording further education, even with the additional funding that is available to them."
Editors' notes
From 4th August 2008 the Bank of Scotland Student Account will feature:
For more information or to apply call 0845 607 2240, visit your local branch, or:http://www.bankofscotlandhalifax.co.uk/bankaccounts/studentcurrentaccount.asp
