Seven in 10 parents believe that university has become unaffordable for most people in the UK, research has found.

But while the report from HSBC found that 71% of parents think university is unaffordable, nearly half (48%) still believe that their child needs an undergraduate degree as a minimum to achieve their life goals.

Some 72% of parents would like their child to follow a specific career path, with engineering and medicine topping the list of their preferred choices.

Nine in 10 parents surveyed said they plan to contribute to their child's tuition fees and/or living costs.

Across the UK, parents who currently borrow, or plan to do so, to fund their children's university costs expect to be repaying the debt for eight years on average - and for their children to be typically paying off their share for 12 years.

Caroline Connellan, head of UK wealth at HSBC, said that university costs can be the biggest financial commitment that families face, aside from their mortgage.

She said: "Many parents feel a responsibility to help pay for their children's education."

Some 352 parents from across the UK, who have at least one child aged 23 or younger who is currently or soon to be in education, took part in the Value of Education Learning for life report.