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British
parents nibbling at kids' education funds
Sunday July 31, 2011 08:28:06 PM,
IANS
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London: Millions of
cash-strapped parents have been forced to take out money from
their savings meant for their children's education, to cover the
rising cost of living, a study in Britain has found.
The survey found nearly three million families were forced to
withdraw over a third of their saved "educational funds" in order
to fund day-to-day living costs, the Daily Telegraph reported.
Researchers found that just one in five parents was in a position
to replace the money as a growing number of households face
unprecedented financial pressures.
The ICM survey found a quarter of families have reduced the amount
they spend on their kids' private education while 109,000 parents
have pulled their children out of public school.
It also found that over a quarter of million grandparents were
funding their grandchildren's private education.
Robin Stoakley, the UK managing director of Schroders', the asset
management company, which commissioned the survey, said the rising
cost of living had placed a "major strain on household finances".
"Many people have been unable to save adequately for private
education and of those who have, other financial necessities have
forced many to raid their educational funds," he further said.
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