With the review of university tuition fees looming, experts warn that a rise in fees could mean parents of children born today will need a £83,000 fund to pay for university tuition.

According to research published by The Children's Mutual, if fees end up rising to just £8,000 a year, the overall impact on parents wanting to put their children through university would be huge- adding up to £83,000 including accommodation and living costs.

David White, the chief executive of The Children's Mutual, said: "What is clear is that the cost of university is only going to increase, it's just a case of by how much."

Mr White added: "There is a very real concern that parents could be jeopardising their own financial security to help their children avoid university debt by dipping into their own retirement provision or savings."

The current fee of £3,145 a year is due to be reviewed this summer.