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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).
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I just finished my MA and not once did I ever buy a book. Torrents aren’t only for downloading the latest episode of Breaking Bad, you know.
I agree! I got two of my Psychology texts online. Saved me near €150, which I was able to use to feed myself!
€82 towards books per month, i got away with that a few times too, good nights out were had! Funny how books were needed most when we were broke towards the end of the week… Clever students!
82 euro per month??? Are you mad. I used the college books in the library. I probably only bought two books per year. College books are expensive. Alot went into printing the books from the library.
I’m not sure Ruth if that comment was directed at me or an erroneous response… But the €82 per month for books is a direct quotation from the article.
Apologises, JJ Opinion. Then there is no way this article should quote 82 euro for books per month. I spent a fortune on printing instead of buying books. Cheaper that way.
I’ve done it all by myself.
Well done, very impressive! Hope my three daughters will be as self sufficient in a few years.
I had been saving towards my children’s future, but that has had to stop, there’s no extra to save. Not complaining, we’re not too bad, but I thought at one stage I’d have a little fund when they started college.
You are to be admired x
Thank you! It has been very difficult but it’s all about sacrifice and prioritising. My parents would have helped had they been in a financial position to, I’m sure. But they’ve trained me well, haha!
Wow… Get a room, all that self praise is getting me hot under the collar!
Well done Amy, I hope that stands to you when you are looking for a job. Putting yourself through college is tough.
Ha! Whatever, man. I put myself through college, am now a fully qualified SE teacher, working my dream career and have also been to hell and back. I am well entitled to be proud of myself and no begrudgers are going to make me feel guilty for doing so, no matter how hard they try. Have a wonderful day, sugar, you sound like you need one.
€67 a month on going out?! HAHAHA I wish! More like maybe €15. Maybe.
Oh college life. This study doesn’t show the times where we would grab as many tins as possible from our parents to feed ourselves for a while.
It’s difficult living away from home for college. It’s a lot of money. I’m lucky enough to have a job, but many don’t. My wages will be going towards my rent for the year. Fun fun!
I’d like to see the figures split into students in Dublin and outside of Dublin. You can’t compare the costs between the two.
That is very true. I was paying 210 a month in rent during “boom times” in UL.
I went to college outside Dublin and my rent was just as high. Landlords knew we needed somewhere to live so they charged what they liked!
Where do students get the money to be out in temple Bar five nights a week… God forbid they might have to go out and find a job to pay for college themselves.
Add maynooth to that. Out almost every night. Must be a money tree somewhere
Wish I knew, it might have given me a few nights off throughout the last few years!
Something tells me it’s not the exact same people there 5 nights a week… Is it possible, bear with me here, that there could be DIFFERENT groups there on different nights of the week – so the ones who were out Monday may actually not be the same people who are there on Tuesday.
I know it’s a fantastical theory but we must think outside the box to answer Ashley’s highly logical question.
So who fills coppers & half of Harcourt and Dame street all the week then… Places round there can’t sweep the students off the floors fast enough. You’d swear the Irish student didn’t have an arse in their trousers reading some stuff here.. Where do they get the ipads and S4′s now I think about it…See it everyday on the train into work… They whinge about cost of books and learning but have no problem finding money to have the accessories!
That’s probably a very small number of students. I know a lot of people that got things handed to them but I for one was not one of them. You can’t just tarnish everyone with one brush. sounds like your jealous
G’wan Louise!
It’s hard to find a place in Dublin near your college or on a direct route for that price! My bills were at €1000 a month and the 2 or 3 months work in the summer ran out in after 6 weeks in college! You have to consider its 2500 before you even open a book! And yes the venues are full every night of the week but I know very few that can afford to go out every night as you suggest! I’d say the most I could afford to spend on social activities was €30 a week and that meant scrounging on pasta and tesco reduced for the rest of it!
Parents own business if they fund their kids college life. I’m amazed its not thought of as extraordinary though. Help them out yes but fully fund them when struggling yourself, madness. They have to learn to pay their own way, get a job, are there no student loans here like uk?? Alternative is studying somewhere like the Netherlands much cheaper tuition fees, lower cost of living, better standard of living for students and great experience for them. Not everyone can move away but a lot can, they are not babies they are adults at college age.
I think most parents would rather spend a bit more rather than ship their children off to a different country at age 17/18 away from their family & friends to save a few €’s. Strange opinion there Paul
I am not clear on what you are saying here. Alot of parents prefer their children nearby if possible. I think you are talking about parents who spoil kids and they get everything. The reality for most kids here are that we have to get our own jobs, etc. That is the same all over the world inlcuding the UK.
Yes Ruth I agree parents would want to be near their children and yes my point is about the spoilt ones where it’s just expected parents will pay everything for them despite trying to live themselves on modest income. If they can afford it yes of course but reading about them paying with credit cards, loan sharks, that’s madness and I don’t mean because they are 18 cut them loose not at all, all the support they can give including financial IF they can afford it. If college fees are too expensive and are unaffordable then studying in Europe is an option, not for everyone but an option. Some kids are mature at 18. Sure country folk studying in Dublin or vice versa are away from family and friends what’s big deal with somewhere like Gronigen?? Kids head off to Austrlalia for a year at college going age so don’t see the problem with it. As well as that not everyone is cut out for college or would be particularly bright. Every parent wants to think their kid will be a brain box but some aren’t cut out for college
How do you know it’s the same people 5 nights a week? Do you memorise faces? If all students in the city went out every single night to temple bar there would literally be no room to move whatsoever.
I put myself through a degree and 2 masters as I was lucky enough to get a very well paid job during the summers of the boom that meant I could fund myself for the year. When I think back to the money I had as an undergrad… Crazy stuff. I can barely afford lidl these days!!!
Never got a penny from anyone including the state. In fact, I missed my grant because I worked too much during college. Others who worked less got a grant. WTF is that about?
I would query the survey’s stats on the increase in students living at home. Two major national surveys carried out in the past eighteen months have not shown any increase in the percentage of students staying at home. A 17% decrease in the number of students living away from home would remove 34,000 people from the rental market and would have created significant downward pressure on rents. Any student looking for accommodation for the coming term will tell you that there is no oversupply of rooms!
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