Many families are already stashing cash away in savings accounts in preparation for higher tuition fees, the latest research shows.

As many as one in four parents and grandparents are making provisions, Virgin Money found, with some fees expected to increase considerably in September 2012.

More than half (55 per cent) of adults believe the financial burden should be evenly split between students and their families, while 17 per cent think students should foot the whole bill themselves.

Grant Bather, spokesman for Virgin Money, said that "saving for potential bills of up to £27,000 will be a major undertaking" and as students will be the beneficiaries, there is some sense in them putting money aside.

It was recently advised by CashQuestions.com editor Annie Shaw that people should carry out research before choosing a savings account to ensure it meets their needs and gives a good rate of return.