herald

Thursday 17 October 2019

One-in-3 students depend on parents to fund college fees

Some 36pc rely on parents to look after college fees
Some 36pc rely on parents to look after college fees

One-in-three students are relying on their parents to fork out for their college fees, according to new research.

A study conducted by the Bank of Ireland shows that 36pc of students rely on their parents to contribute toward college fees.

These can reach up to a maximum of €3,000 per annum.

Income

The survey also found that while Irish students have an average income of €9.20-a-day, or €258-a-month, 35pc have less than €100 in disposable income each month.

For half of the students surveyed, living at home rent-free is the most common type of financial support received from their parents.

Half of students also share accommodation with three to four other people, while more than two-in-three have resorted to living at home while in third-level education.

Almost a quarter of students who live away from home receive financial help from their parents to pay for rent.

The study found that 22pc also have their parents paying for utility bills such as electricity and gas.

A third also bring their laundry home and 28pc clear out the kitchen cupboards before heading back to college after a weekend at home.

Some 19pc, or almost one-in-five students, have skipped meals to pay for college nights out.

A third of students refuse to sacrifice their social life, according to the study.

According to the research, 80pc of students attempt to save money throughout the academic year, with €184 being the average amount saved per month.

Travels

Some 34pc of savers put money away for summer travels, a quarter hope to buy a car and 24pc use the savings to pay for college fees.

"From finding affordable accommodation to making time for studies, students in Ireland are working part-time and trying to enjoy their social life too," said Rory Carty, head of youth banking at Bank of Ireland.

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