Parents of young people enrolled in third-level education anticipate spending €9,511 this year, but new study indicates that if the student is living in leased housing, their actual expenses would be €16,100, nearly twice as much as they were five years ago, reports RTE.
The Zurich Life Cost of Education research finds that although students living in dorms will require €11,067 for the year, the cost would decrease to €6,033 if the child stays at home throughout their college years.
This is in contrast to 2019, when the annual cost of living at home as a third-level student was €4,611.
Parents with children enrolled in secondary schools believe the cost of their education would come to €2,281, but they are underestimating the actual expense by €800, reports RTE.
Parents of children in elementary school calculated that they would have to pay €1,412 this year, while the survey actually revealed that they would have to pay €1,546.
Additionally, according to the study, three out of five parents believe that the cost of supporting their children’s education has become more difficult due to inflation.
However, 40% of parents have already started saving for their child’s third-level education, according to 90% of parents.
Jonathan Daly, Head of Life Retail Distribution and Propositions at Zurich Life Assurance, stated, “Parents are steadfast in their commitment to providing quality education for their children, despite the challenges of the high cost of living and education costs,” reports RTE.
“Many parents still express concerns about the escalating costs associated with aspects such as travel, grinds, and schoolbooks,” reports RTE.
Earlier this year, iReach conducted the research among 1,900 respondents in a nationally representative sample.
It was discovered that roughly two thirds of students live at home due to the high expense of housing.
According to the report, the average yearly cost of student housing was €5,034, reports RTE.
However, the cost of the rented lodging was treble that, coming in at €10,067.
Third level costs were found to have decreased by €779 from the previous year to an average of €3,152 this year.
This year’s €1,000 reduction in third level fees, which those who pay them may take advantage of, is mostly to blame, though.
“Many parents still express concerns about the escalating costs associated with aspects such as travel, grinds, and schoolbooks.”
Earlier this year, iReach conducted the research among 1,900 respondents in a nationally representative sample.
It was discovered that roughly two thirds of students live at home due to the high expense of housing.
According to the report, the average yearly cost of student housing was €5,034.
However, the cost of the rented lodging was treble that, coming in at €10,067.
Third level costs were found to have decreased by €779 from the previous year to an average of €3,152 this year.
This year’s €1,000 reduction in third level fees, which those who pay them may take advantage of, is mostly to blame, though.
About a third of parents of children attending primary and secondary schools also borrow to make ends meet; the average debt at the primary school level is €474, at the secondary school level it is €624, and at the third level it is €1,356. Four out of every five parents whose children attend third-level consider the costs as a financial burden, with just over half taking on debt to cover them, reports RTE.
Tell us your thoughts in the Facebook post and share this with your friends.
