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Dublin: 9 °C Thursday 27 November, 2014

Are you saving for your kids’ college education?

New research says that just 55% of parents are.

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NEW RESEARCH SHOWS that just 55% of Irish parents are saving to fund their children’s third level education, although 99% of those surveyed said they wanted their kids to go to college.

The survey, carried out by Bank of Ireland life and website schooldays.ie, found that 43% of parents plan to fund their child’s college education through savings, with 23% availing of grants, 19% using ‘day-to-day’ money and 15% taking out a loan.

Of those saving, 42% are saving comparatively small amounts of between €20 and €50 per month.

The online survey showed that 58% of parents with a child in university are experiencing financial challenges supporting the child, down 7% on last years figure.

Bank of Ireland Life head of investments Bernard Walsh said that parents should be aware of the cost factors involved in third level education.

“There are costs associated with education at all levels but particularly for third level students. We all know that we will need money to pay for college fees and expenses and maybe accommodation as well”

He recommended that parents start saving early to ensure they have enough put aside for predictable and unforeseen expenses.

Read: University fees ‘should be capped and funding models move towards European norms’>

Read: Another rise in consumer prices. The main drivers? College fees and alcohol>

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