The main reason parents put money away in savings accounts is to pay for their children to go to university, new Mintel figures have revealed.

More than half (54 per cent) of the parents questioned said this one of the main reasons they save, while 33 per cent hope to offer financial support for their offspring in later life.

However, just seven per cent of respondents said they plan to finance any future travel plans their children may have.

Toby Clark, head of finance at Mintel, commented: "With university tuition fees set to rise considerably from 2012 … and extreme difficulties getting on to the housing ladder, the reasons for parents to save for their children’s future has arguably never been stronger."

Jason Riddle, co-founder of Save Our Savers, recently said that banks need to be more honest with customers who have savings accounts, especially as interest rates fall.