With university fees of £9,790 per year in the UK and average monthly living costs whilst studying hitting £1,142 per month, Lamont Pridmore is calling on parents of future students to plan for these costs in advance, and to weigh up whether university is the right route at all.

For many Cumbrian families, the prospect of a child heading off to university is an exciting milestone, which many will currently be preparing for.

However, the financial reality can catch parents off guard, particularly when tuition fees are combined with rent, food, travel and everyday living expenses over a three or four year course.

Lamont Pridmore, the Cumbria based accountancy, tax and business advisory firm, is urging parents to treat the cost of higher education as a core part of their family's wealth planning rather than a last minute consideration in the final year of school.

Based on current figures, a three-year degree could cost a family in the region of £70,000 once fees and living costs are considered.

For courses lasting four years, or where a student studies away from home in a higher cost city, such as London or Bristol, that figure can climb significantly higher.

Even with maintenance loans and other student finance factored in, many families are left to bridge a substantial shortfall.

Graham Lamont, Chief Executive at Lamont Pridmore, said the firm has seen a marked rise in parents seeking advice on how to prepare for these costs without disrupting their own long term financial security.

“We are increasingly finding that parents want to support their children through university, but they are worried about the impact this could have on their retirement plans or other financial goals,” explained Graham.

“The two don't need to be in conflict. With the right planning, put in place early enough, families can fund a child's education without derailing their own future. What we tend to see is parents leaving this too late, starting to think about the costs only once their child has received an offer."

“By that stage, the options available are far more limited than if planning had begun several years earlier.”

Lamont Pridmore recommends parents begin thinking about university costs well before their child reaches college. Junior ISAs, regular savings plans and general investment accounts can all play a role in building up a dedicated fund over time.

Starting early gives more scope for growth and for costs to be spread out sensibly rather than met in one lump sum.

The firm also points out that grandparents are increasingly involved in funding education costs, whether through direct gifts or by contributing to a savings plan set up for a grandchild.

Where this is the case, it can form part of wider Inheritance Tax and estate planning discussions for the family as a whole, potentially reducing a future tax liability while supporting the next generation during their studies.

Understanding student finance is equally important. Maintenance loans are means-tested against household income, and Lamont Pridmore encourages parents to establish what their child is likely to be entitled to before assuming they will need to fund the full cost of living themselves.

This, combined with a realistic budget covering rent, bills, food and course materials, gives families a clearer picture of any gap that needs to be filled.

Chris Lamont, a Partner at Lamont Pridmore, added that decisions made now can also affect a family's broader tax position.

“University funding shouldn't be looked at in isolation. How a family chooses to save, gift or invest towards these costs can have knock-on effects for income tax, capital gains tax and inheritance tax,” he said.

“That's why we always encourage parents to speak to an independent financial planner rather than making these decisions on their own.”

Lamont Pridmore is also encouraging families not to assume that university is automatically the right route, and to look at how the numbers stack up against an apprenticeship.

Apprenticeship numbers have been rising steadily, with provisional figures for the first half of the 2025/26 academic year show apprenticeship starts in England up almost 12 per cent on the same period the previous year. At the same time, the graduate jobs market has become considerably harder to break into.

Youth unemployment reached around 16 per cent in early 2026, its highest level in over a decade and graduate vacancy numbers have fallen sharply as employers pull back on hiring, particularly for roles most exposed to automation.

Competition for the vacancies that remain can now run into the hundreds of applicants for a single role.

Set against this backdrop, an apprenticeship can look like the stronger financial choice for some school leavers. That said, Lamont Pridmore is keen to stress that university still has plenty to offer, and cost should not be the only factor in the decision.

For many students the wider experience of independence, new friendships, extracurricular activities and studying a subject in real depth adds value that an apprenticeship route does not replicate, and certain professions still expect or require a degree.

“Apprenticeships aren't right for every young person, just as university isn't right for every young person,” added Graham.

“What matters is that families weigh up the financial side alongside what will genuinely suit the individual, rather than assuming one path is the only approach to success in life.”

With the new academic year now underway and current sixth formers beginning to think about university applications, Lamont Pridmore says now is a sensible time for families across Cumbria to review their financial plans and make sure the cost of higher education or the alternative of an apprenticeship, is properly accounted for alongside their other priorities.

For more information about Lamont Pridmore or to arrange a consultation, please visit here.