Parents are spending increasing amounts of their own money in order to stop their children falling into debt through university, a study has found.

Nearly 60 per cent of parents questioned by Halifax said that they would dip into their savings to help their children out while they were students.

And 63 per cent of respondents said that they would use money from their wages if necessary.

Other options that respondents said they would consider included getting a second job and remortgaging the family home.

Commenting on the report, Neil Chandler of Halifax said: "It is important to consider how best to support your child with the minimal amount of strain on your pocket as this commitment is likely to last for several years."

The Bank of England is due to make a decision on the base rate later today, although most analysts expect it will remain unchanged.

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