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class of 2014
Parents are saving for 8 years to put their kids through college
Some people are even having to start saving when their kids are babies.
PARENTS ARE HAVING to save money for an average of 8 years to put a child through college, a new survey has found.
Some are starting even earlier: more than one fifth start saving almost as soon as their child is born to be able to pay for third-level, according to the survey by the Irish League of Credit Unions.
The vast majority of parents (79%) support their children financially through college, having to pay an average of €428 per month towards rent, books, food, and socialising. This means that parents are having to fork out almost €4,000 per academic year if they have a child at third level.
Unsurprisingly, almost two-thirds of respondents (64%) said that they struggled with the costs involved, with many having to raid their savings to be able to pay for third-level.
The survey also found that there has been an increase in students who can afford to live away from home, with 44% now living away from their family, compared to 32% one year ago.
When asked about their greatest worries concerning their children in college, almost half of parents (42%) said it was their child not getting a job upon completing their studies.
Misuse of alcohol and drugs was a distant second at 14%, followed by money issues (13%) and difficulty passing exams (12%).
One thousand people were surveyed for the tracker results which was carried out by market research company iReach during the month of July.
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