Parents and students listen to Martin on Radio2

andyrules

poet123 wrote: »

I think there are a lot of very bitter students out there who for whatever reason have been brought up to believe not that money has to be earned, but that "what is mine is mine and what's yours is yours".

Therefore, they seem to resent any family who believes that money is earned and is to be spent for the general good of that family,and that what that good is can be decided by those who earn it.

Their resentment is hidden behind the premise that standing on your own two feet is the only way to go,it is if you haven't been fortunate enough to have a choice in the matter.

Do that if you wish,but dont berate others who do have a choice,or belittle their achievements because of it.

Exactly.

I have no argument with supporting my student daughter as long as she needs it; the loan system is designed to assume different levels of parental contribution.

That said, I do think the idea of student debt is flawed and would like to see it replaced, however I would expect to contribute!

jennifernil

I have a foot in both camps here.

We (before we retired) had sufficient income to help out our daughter at Uni. We paid for a (shared) flat for her and gave her about £2000 per year for food, books, travel etc. She also had a part-time job to pay for gas, electricity, telephone, going out etc.

But I sat down with her and worked out a budget, made sure she understood ISAs and bank accounts etc. As a result she has saved an impressive £9k over 4 years and has no loans or other debt.

Now we are retired we can no longer afford to give her money, but fortunately she has just started on a generously sponsored PhD, so is now self supporting, and saving even more!

andyrules

The nub of this argument is whether or not parents should contribute. Some people seem not to understand the fact that it is an expectation of the system designed by our gvt that parents, to differing extents, WILL contribute.

How much individual parents teach their children about finances is really their business - I have taught mine that money has to be earned and CCs have to be paid off!

Extending the debate, my personal gripe is the debt part of the system as the system seems to be at odds with my own not unreasonable philosophy - don't run up debt! And I think it would be fairer if absent parents were forced to pay up! Not being a husband/wife doesn't stop you being a parent!

System

I completely agree. The original argument was that if parents pay for their children then they will struggle to become financially independant in the future.

But we're encouraging students to rely on loans ... at 18!

No wonder so many people in this country are in debt.

Gemmzie

candyflossing wrote: »

Once the tables have turned i.e. I'm earning full-time and my parents have retired, I will gladly give them any money they need! I would happily help any of my family financially, no questions asked.

The only difference between taking money from your parents and a loan is that a loan will aquire interest from which an outsider (company/bank etc.) will make profit.

Student loans don't make anyone profit - that's why they are inflation linked!

System

I was talking about loans in general ...

Though, unless you keep your student loan in a high-interest account, even if you don't spend it you can still end up losing money ... I mean - 4.8%, that rate isn't even covered by my current account at the moment! Plus you have to consider the interest on tuition fees too (which are paid straight to unis).

But in my opinion, all debt is bad and should be avoided at all costs, regardless of how good the rates are, it just encourages to spend money you don't have.

Gemmzie

All debt isn't bad, even Martin says that.