While four in five parents expect to finance the vast majority of university costs, 90% of them have made no provision to cover this drain on their income.

The survey asked 1,000 parents with children under the age of 18 how they planned to meet the cost of sending a child to university.

Around 40% said they hoped their monthly salary would stretch to meet these costs.

The survey, conducted by BMRB International, was commissioned by Policy Portfolio, a financial services company.

It also found that one in two parents believe the government should still provide free higher education.

This year, for the first time, new undergraduates face means-tested tuition fees of up to £1,000-a-year on top of their living expenses.

Several leading universities are planning to levy an additional charge on students who pay tuition fees in instalments.

On top of tuition fees, students will be encouraged to borrow more, as maintenance grants are phased out.

'Plan early'

Policy Portfolio's managing director, Brian Goldstein, said: "Although it costs up to £20,000 to send your child to university for three years, the majority of parents are almost totally unprepared to meet these costs."

Mr Goldstein said that with the introduction of tuition fees more parents would be making financial preparations for the cost of higher education.