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Both students and parents underestimate the cost of a university education, new research suggests.

This year's school leavers will be off to university in a couple of months - but it might be a good idea for them to earn a bit more money before they go.

The Association of Investment Companies recently produced its annual survey, which revealed that both students and parents seem to be wearing rose-tinted spectacles where finance is concerned.

Would-be students estimated their average level of debt on graduation would be under £8,000 - and parents thought it would be under £10,000.

Both groups could be in for a shock. The average debt on graduation is currently estimated at £13,252.

However, students do seem to be prepared to work while they study to make ends meet. While one in five expected their parents to pay for their time at university, almost a third planned to work their way through it.

And students have also thought about funding their travels overseas. Of those planning to take a gap year, 53 per cent said they would work their way round the world, while 31 per cent had saved up the money in advance.