UK Money News
26th June 2008
High schooling costs force parents to cut retirement savings
The higher cost of education is prompting millions of parents to contribute less to their retirement savings.
According to a study conducted by YouGov for MetLife, close to a quarter (23 per cent) of parents are diverting money away from their pensions to pay for their offspring's schooling.
Among this group, the average extra outlay being spent on education rather than going to a retirement fund was £57 per month.
The increase is believed to have been fuelled by a 13.2 per cent rise in the overall cost of education last year as measured by the Office of National Statistics.
Ed Gardner, chief executive of MetLife UK, says: "In the current economic climate, everyone's finances are under strain and it is understandable if people cut back.
"Paying for education is a vital investment in the future of our children, but it is worrying when that investment is being made at the expense of future retirement income."
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