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Almost all parents want children to go to college but many can't pay for it

Survey finds 99 per cent of parents want to send their child to a third level institution but almost half have no funding in place to pay for it.

Students enjoying to Trinity College Ball (File)
Students enjoying to Trinity College Ball (File)
Image: Niall Carson/PA Archive/Press Association Images

A SURVEY HAS found that while 99 per cent of parents would like their children to attend college or another third level institution almost half of them cannot fund it.

The online survey of over 1,000 adults by Standard Life found that while three-quarters of parents expect full university fees to be introduced in the near future 45 per cent of them have no funding in place for that eventuality or the current cost of sending their child to third level.

According to research by the Dublin Institute of Technology it can cost up to €10,000 per year per child for a full-time third level education.

While many cannot fund third level education for their children, 42 per cent of parents say they have a regular savings plan, 12 per cent say they have lump sum or inheritance.

Eight per cent have an investment property and three per cent have ‘other means’ by which to fund their child’s third level education, according to the Standard Life survey.

It also found that the average monthly parental savings for their child’s third level education is €167 with the survey finding that 49 per cent of parents regret not starting  a regular savings policy when their children were born.

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Four in ten parents or 39 per cent say they are worried they will have to borrow to fund their child’s education.

Thirty-four per cent of parents say they are worried that it won’t be possible for them to send their child to a third level institution.

Read: 45 per cent of parents have made no provision for their children’s education

Read: Affording college the biggest worry for 40 per cent of students

About the author:

Hugh O'Connell

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