hee news

Bank of Mum and Dad take the strain

PARENTS are taking on extra work, sacrificing holidays and turning to borrowing to help pay for the full cost of their children's university education. Students meanwhile are spending several hours a day in paid employment to help keep up with costs and improve their job prospects. These are some of the findings in The

Value of Education, HSBC's global study into education trends, examining parents' hopes and fears for their children's education, and their attitudes and behaviours towards funding. It’s the fifth survey in the series and

represents the views of 10,478 parents and 1,507 university students in 15 countries and territories. In the UK, on average, students say they

spend £41,246 over the course of their degree, covering a range of expenses including tuition fees, accommodation, bills and lifestyle costs. Taking into account the amount parents say they contribute, this leaves students in the UK with an average funding gap of £32,834. This must be filled by bursaries, loans, other family members and students' own income or savings. One in ten of the parents surveyed say that their child's grandparents contribute towards their university education. In the UK, parents say they contribute

on average £8,412 towards their child's undergraduate or postgraduate university education. The vast majority (84%) of parents are contributing towards their child's university education from day-to-day income, as opposed to

savings or borrowing. Only 7% are funding from a specific education savings or investment account. Many university students rely on extra-

curricular jobs to cover their costs. Just under 4 in 5 (79%) students are working in paid employment while studying, and for the majority (59%) this is out of financial necessity. Not all students work for extra cash. Many dip into the world of work to enhance their employability. In the UK, 24% of students work to gain experience that will help them get a job after university. Today's students face a big challenge

balancing work and study. On an average day, students in the UK spend 4.2 hours in paid employment. That's more than they spend in lectures, the library or studying at home.

European Commission research funding may still be available to UK universities

BRITISH universities’ hopes of remaining eligible for European research grants received a welcome boost when Prime Minister Theresa May said the United Kingdom would like the option to fully associate with the EU's next research and innovation programme. Her remarks followed the European

Commission outlining how it would like to spend €100bn on research and innovation in the next EU budget. The new programme – Horizon Europe – will cover the period 2021-2027 and is a successor to the current programme Horizon 2020.

Responding to the Commission's plan,

Alistair Jarvis, Chief Executive of Universities UK, said: "I'm pleased that the European Commission's plan leaves the door open for the UK to secure participation as a full associate country in this next programme. This is something Universities UK has been calling for from the beginning of the Brexit talks. It was encouraging to hear the UK Prime Minister confirming last month that this is also the government's intention. We now need to see this confirmed as part of the formal agreement later this year. "Today the Commission has set out an

ambitious plan for the EU's next research and innovation programme. It builds on the success of the previous programme Horizon 2020, and provides increased funding for Europe's leading researchers to unite and tackle global challenges. "The UK should be a major player in

this next programme which starts in 2021. International collaboration is essential to the success of research and innovation. The EU's programme provides a ready-made platform for collaborating with key European partners, including six of the UK's top 10 research partners."

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