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THE LATEST IRISH League of Credit Unions survey on the cost of third-level education has found that parents spend an average of €421 every month on their college-going child.
Excluding rent and bills, students are spending €516 each month on their daily expenses, an increase of €32 in two years.
The vast majority of parents support their adult children’s college-related costs, with about 42 per cent using their savings to do so. One quarter, however, borrow from their local credit union, 6 per cent will use a credit card, 4 per cent a bank loan and 2 per cent turned to a moneylender.
Those parents who use their savings to fund their child’s third level education have been preparing for the costs for an average of eight years but in 71 per cent of households, the family budget has been adversely impacted by the increased registration fees.
As families struggle with increased expenses, fewer students are living away from the family home in order to lessen the impact. The figure has dropped from 49 per cent in 2011 to 32 per cent currently.
Two-thirds of student now have to work to fund college, an increase from 55 per cent in 2011.
As the recession and employment crisis continues, many students are looking beyond their courses but 57 per cent believe that they will have to emigrate to find work.
Not being able to secure a job after completing a qualification or degree continues to be parents’ greatest worry about their children. Money issues are the second most pronounced worry among a third of all parents. There are also concerns about the more social aspects of going to college – 10 per cent voiced worries over the misuse of drugs and alcohol, 4 per cent mentioned their children being lonely and homesick and two per cent fret over missed lectures.
What do students spend their money on?
The average rent costs for the 32 per cent of students living away from home during the college year land at €343 per month, while the household bills are about €91 per month.
Apart from rent and bills, food is the most expensive element of student living with an average of €182 is spent each month. Just under €100 is spent on travel, while €82 goes towards books every month.
Expenses associated with socialising and going out have seen a significant drop from €90 in 2011 to €67 in 2013. There were a number of differences between what male and female students spend their money on.
Male students have a greater budget for socialising, going out and mobile phones, while females are spending more on clothes per month.
The impact of the bust?
While only 17 per cent chose their college course based on future job prospects, as many as 53 per cent would now choose their college course based on the current employment gaps in the economy rather than on their interest.
Males are more inclined (63 per cent) to choose their future course based on job opportunities compared to their female counterparts (48 per cent). University reputation (10 per cent) and cost (6 per cent) continue to play a role amongst Irish students when choosing a course.
There has been an improvement in students’ sentiment towards job opportunities at home compared to the 2011 findings. Just over half expect to find work in Ireland. Female students show greater confidence (57 per cent) in securing a job in Ireland – an improvement on two years ago (28 per cent).
Dinosaurs voting for extinction.
@theseadoc thinking they are going back to the glory days of the empire.
@Brian Madden: jesus, grown adults calling themselves the star chamber, the UK is electing some beauties these days.
@Rayzor: This is not a lie, 100% true. They call themselves individually amongst themselves the ‘Star Wizards’, I wish I was joking but I am not.
@Gary Garden: Sure it’s hard to believe that Mark Francois is actually a real person and not a Harry Enfield character.
@Rayzor: Very true haha
On a general note the Conservative party particularly their cabinet and the right wing are really pitiful, a combination of air heads masquerading as ministers and then the old empire enthusiasts. Go Global Britain lol it’s such a comedy show.
@Gary Garden: can’t be doing to bad if they’re the 5th richest country in the whole entire world
@Michael Patrick: Hello Westy, they wont be in top 10 soon.
@Gary Garden: They have the 5th biggest economy but on a per capita basis they are miles down the table, 26th on GDP(PPP) and 20th GDP(nominal). Ireland is within the top 4 of both. They also have the wealthiest part of Northern europe in London but also 9 of the 10 most impoverished parts.
@Rayzor: Hi Rayzor, I lived and worked in the UK for over 6 years. I know where the wealth and poverty is quite well. This is Brexit and the only outcome is the rich will get richer and I dont need to say the rest. The average Brit is über gullible and just need to hear a posh and plump voice to believe they are as a country going in the right direction. They are in for a rude awakening now. No voice on the big table, US under Biden isnt going to prioritise the ‘special relationship’ BS which is just Anglo Saxon nostalgia by the way. They are now a minnow, they wonr even draw in FDI as they dont have EU labour market access. Its beyond mindblowingly stupid what they’ve dont.
@Gary Garden: hello spa who you calling westy
I think the differences between Theresa’s proposals and what has now been agreed are very small. The old Tory empire worshippers have now seen a little of what they could have expected if they had achieved the hard Brexit they so craved. The motorways to the ports blocked and no one in the EU too worried about their great friends in UK and best of all Donald dumped from power and replaced by a politician who knows that world prosperity is built on cooperation and not isolation. Good man Joe B.
@JG: where can I find an honest comparison between the Teresa deal and the current deal?
So let me get this straight – the ERG (who wanted Brexit so the UK could “reclaim its sovereignty from the EU”), are now saying that the Brexit deal is good because it “preserves the UK’s sovereignty”.
Last time I checked, “preserves” means to maintain something in its current or original state – in other words, preserving UK sovereignty is keeping what’s already in place….
@Brian: Preserve can refer to the future too
@Thomas O’ Donnell: preserve can be jam
I don’t know which is worse. Being a Brexiteer or a member of the Republican Party in the USA.
@Tim Quigley: you don’t know much.
It’s their decision and they have followed through. We’ll only know if it’s a good or Abad thing in years to come. But good luck to them.
@Sean Oige: Yes, they might need a bit of luck.
Dup party unmangling itself from the front wheel of the bus after it getting chucked under it.a party that wanted brexit now votes against brexit,haha
@reginald: mistake they made was not backing May’s deal. If they had they be no border north/south or east/west. Current deal has certainly weakened the Union.
The concept of sovereignty and the reality of the Fishing aspect of the Brexit deal are mutually exclusive and it would be disingenuous to claim otherwise. Scottish fishermen are rightly concerned at the very suggestion of having taken back “sovereignty “ given that the status quo ante shall pertain for 5.5 long years and even then the EU has an option to resile from the whole Agreement should a negotiated access to UK waters not be agreed. Even if a further Agreement can be negotiated it’s terms will be slanted in favour of the French fleet under pain of the sort of disruption witnessed at Dover in the past few days. Better to have forced Macron’s hand but when the Brits witnessed the chais at Dover the writing was on the wall. Fishing was a zero sum game in terms of hard economics
Those knobs would vote for anything
That black microphone really looks like a horn
oh course they are happy – the right of the UK to control it’s financial services and retain their tax havens was a priority to the offshore wealthy I understand. That it seems was worth it over an EU – UK financial services agreement.
Actually, not the worst outcome for Ireland by any means.. sorry about the fish – but this makes interesting reading https://ec.europa.eu/ireland/news/key-eu-policy-areas/fisheries_en
Them knobs would vote for anything.
Its pretty ironic that one of the stated reasons for the ERG supporting this deal is, that they don’t see it as binding, to the extent that they can choose to renege on it as soon as it pleases a “robust government” to do so and then trade under WTO rules and tariffs.
have your say