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THE bank of mum and dad is fast becoming the bank of 'nan and granddad' after a poll revealed that Britain's over 50s plan to give their grandchildren £16.7 billion for university costs.

Saga Savings' poll suggests that more than a third of Britain's estimated 11.8 million grandparents have funded, or are planning to help fund, their grandchildren's studies. The survey of almost 10,000 over 50s shows that, on average, they will each fork out nearly £4,000.

In addition, 67% of over-50s parents contribute an average of £6,777 to the cost of sending their children to university.