A survey has found that parents are three times more likely to fund their children going to university than helping with a deposit on a first home.

Nearly half of Britons (45%) would pay for their children to get through university if they could afford to do so, according to Alliance & Leicester’s Wealth Tracker Index.

However, forget help with the first property, only 14% of people say they would pay the deposit on their children’s first house when they reach 18.

However, with over half of parents either unwilling or unable to save to fund their children through University, young people face a stark choice. They either need to be prepared to face a high level of debt or, as many are increasingly doing, or give up on their dream of higher education. Recent figures from the NUS highlight that many people are put off going to University by the fact that they could fall into debts of up to £20,000.

Paula O’Reilly, Product Manager for Investments at Alliance & Leicester said:

“Many young people struggle financially – whether it’s being faced with years of paying off student debt, getting onto the housing ladder or simply buying a car. Our research shows that most parents would love to help their kids financially, but not all are in a position to do so.”

“However, many could easily help out by saving small and regular amounts each month, ideally starting when children are young. Simply saving or investing the child benefit allowance could build up a nice little nest egg for when the child reaches 18.”

As part of its quarterly study, Alliance & Leicester’s eighth Wealth Tracker Index asked a GB representative sample of 2,000 people what they would most like to do for their children when they reach 18.

Wealth Tracker Index findings reveal:

• Almost half of UK parents would like to save to help their children get through university if they could (45%).
• Only 14% of people say they would pay the deposit on their children’s first house when they reach 18.
• Nearly one in four people (23%) claim they would like to open a savings account with a lump sum for their children when they turn eighteen.
• Despite the average wedding now costing up to £12,000, weddings feature low on parents’ priority lists, as just 5% cited paying for their children’s wedding as a priority. Perhaps this is due to the fact that people are getting married increasingly late in life, and therefore parents don’t view this as something they need to save for.
• One in ten people claim that they would like to buy their children their first car when they reach 18.
• Only four per cent of parents would be prepared to chip in to pay toward a gap year.

Around the regions:

• Parents in the South East are the most concerned that their children jump on the property ladder, at 16%. The South East is notoriously a property hotspot, with housing becoming increasingly unaffordable for the first time buyers.
  However, the findings suggest that parents in the South East are more confident of being able to afford to pay for the deposit on their child’s first house than those in London – at 10%.
• People in London are the keenest to support their children through university and help them avoid debt, at 58%. This compares to those in the East Midlands, of whom just 35% stated that they would like to save for this.
• People in Yorkshire and Humberside are the keenest to set up a savings account with a lump sum for their children when they are eighteen (32%). This compares to just 15% of Londoners.