Parents are massively underestimating the cost of sending a child to university, a survey showed yesterday.

The average parent thought it would cost around £12,550 for their child to do a three-year degree, according to Birmingham Midshires.

But figures from the National Union of Students suggest the figure is actually just under £40,000 for someone studying outside of London, taking into account everything from tuition fees to accommodation and travel costs.

Nearly a third of parents think their children should share the financial burden of going to university.

Around 23% said they would encourage their offspring to take out a student loan to help pay for their degree, while 19% would encourage them to live at home while they were studying.

Just over one in five parents said they set money aside on a weekly basis to help fund their child through university, while 11% are planning to take on another job and 8% will take out a loan.

Around 7% of parents are planning to ask their child's grandparents for financial support, while 5% said they would encourage their child to work part-time.

The research also found that 2% of parents are either planning to encourage their child to take a shorter degree course, or to delay going to university until they are older and can afford to finance it themselves.

Tim Hague, head of savings at Birmingham Midshires, said: "Since the introduction of top-up fees, the cost of sending a child to university has become an even larger financial burden for parents at a time when the general cost of living is also on the rise."