According to recent figures, the total cost of obtaining a university degree is now over £33,500 and more likely than not it will be parents that will foot the majority of the bill.
The Children's Mutual, the leading provider of Child Trust Funds (CTFs) in the UK, has advocated the uptake of CTFs as a way to making the costs of higher education easier to bear.
With inflation and the overall trend of rising costs of university attendance, The Children's Mutual estimates that the cost of a university education could be as much as £53,586 in 18 years' time.
"The introduction of the Child Trust Fund is great news for families planning for the future of their children," said David White, chief executive of The Children's Mutual.
"By saving a little, over the long term, meeting the costs of higher education becomes more manageable.
"The Child Trust Fund will mean that in 15 years' time every 18 year-old will have savings that could help towards the cost of university," Mr White continued.
"If parents and grandparents can top up the account regularly, it could go a long way to helping children through higher education or onto the first rung of the property ladder."To read more about investment, click here.
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