A growing number of parents in the United Kingdom are facing a difficult financial dilemma: whether to delay their retirement in order to help their children pay for the costs of university. According to a recent study by Rathbones, a wealth management company, nearly one in three parents reported that they had either already postponed their retirement or expected to do so in order to provide financial support to their children during higher education.
The research, published this week and highlighted by MoneyWeek, reveals the scale of the issue. For many families, higher education expenses extend far beyond tuition fees. Students often rely on parental help to cover accommodation, food, transportation, and other living costs, which continue to climb as inflation affects household budgets.
On average, parents who support their children during university spend around £7,200 per year. For some families, the figure is significantly higher. About 14% of respondents reported spending between £10,000 and £15,000 annually, while 8% admitted to providing more than £15,000 per year. These amounts, when multiplied across three or four years of study, add up to a considerable financial burden.
As a result, retirement planning is being pushed aside. The survey found that many parents are extending their working lives by an average of five years, with over a quarter admitting they may need to delay retirement for as long as a decade. For those already in their late 50s or early 60s, this means remaining in the workforce well beyond the age they had originally envisioned.
Experts warn that the long-term consequences could be significant. By postponing retirement and using resources intended for their later years, parents may jeopardize their own financial stability. “This is a growing intergenerational challenge,” said one financial adviser involved in the study. “Parents naturally want to give their children the best possible start, but they are often sacrificing their own security in the process.”
Interestingly, the research also shows that financial support does not necessarily end when children graduate. Many parents continue to contribute to housing costs, help with deposits for rental properties, or even provide assistance with early mortgage payments. In a time when young adults face rising living costs and housing affordability challenges, parental support has become an unofficial safety net.
Policy experts argue that the situation reflects deeper structural issues. Tuition fees remain high, maintenance loans often fail to cover real living expenses, and wages for young graduates have not kept pace with inflation. As a result, families are left to bridge the gap.
For parents, however, the decision often comes down to emotion rather than financial logic. “I don’t want my son to leave university with overwhelming debt,” one respondent shared. “If that means working another few years, then so be it.” Such sentiments reflect a common theme: while parents are acutely aware of the risks to their retirement, many still choose to put their children first.
The study underscores a difficult truth: the cost of education is not borne by students alone. It reverberates across generations, shaping not only the future prospects of young people but also the retirement plans of their parents.