Brits Invest into ISAs to Save for Higher Education

The results of the latest research carried out by Virgin Money were revealed yesterday, on March 30th.

It showed that instead of setting up student bank accounts, parents invest their money into individual savings accounts (ISA) to ensure that their kids will be able to afford to go to university.

As such, 25% of those questioned said they are investing into ISAs because the tuition fees are expected to increase to as much as £9,000 next year.

It is interesting that more than half of respondents (55%) believe that tuition fees should be paid by both, parents and students. Further 17% are determined that the burden of paying for higher education should be laid upon students alone.

Commenting on the current trends, Mr. Bather of Virgin Money, said that "from September 2012 onwards tuition fees are going to rise substantially and it is clear that parents and grandparents are already starting to prepare for the financial burden."

ISAs available from UK banks can be searched for and compared on specialised online portals.