A survey carried out by one of Ireland’s leading provider of savings and investments revealed that while practically all Irish parents (96%) want their children to attend 3rd
level education, 44% worry that they will have to borrow to fund it.
Four out of ten parents (43%) said that they have nothing in place to fund their offspring and almost a quarter of parents (24%) worry 3rd level simply won’t be possible.
Additional findings from the survey
- Almost half of (45%) regret that they did not start a regular savings plan when their children were born.
When Parents were asked what was in place to fund their children’s education:
- 43% have nothing
- 38% have a regular savings plan
- 10%have a lump sum/inheritance
- 9% of parents say grandparents have offered to help
- 8% have an investment property
- 5% other means
This year’s results versus last year’s:
- The percentage of parents that are worried about having to borrow to fund their
children’s 3rd level education has decreased from 51% to 43%.
- Parents worried that 3rd level education won’t be an option has fallen from
28% to 24%.
- The proportion of parents that have nothing in place has fallen from 45% to 43%.
In general parents seem more optimistic about providing for their children’s 3rd level education. It doesn’t come without serious financial challenges especially when government introduce a new cost called student contribution charge of €2,750 before any rent is paid or study manual bought.
Starting early with your education plan is key and it is never too late to start!
We can help set up a regular savings plan to help with these costs, contact us on 071 9159222 to arrange an appointment.