Parents on lower incomes have been advised to put their money into a savings account when their children are born to help pay for their education in the future.
Spokesperson for Best Advice Financial Planning Kelvin Lillywhite commented that in the past endowment and maximum investment plans have been used by savers who make monthly payments until the account matures when the child goes to university .
However, Mr Lillywhite noted that there are now other savings account options open to parents hoping to invest in their offspring's future as monthly payments can "substantially affect" parents with a low income.
"They can use regular savings plans and save into individual savings accounts or alternatively invest a lump sum and hope to grow that and then withdraw the money when the child goes to university," he remarked.
According to the National Union of Students the average cost of a degree is now £20,000 with rising living expenses and tuition fees accounting for a 31 per cent rise since 2002.
The number of students from working class backgrounds has fallen three per cent to 17 per cent in less than two years.
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