Parents of young adults attending third-level expect it will cost them €9,511 this year, when in reality if the student is living in rented accommodation they will need €16,100 – almost double the figure five years ago, new research has found.
However, if the child is living at home while going to college, the cost will drop to €6,033, the Zurich Life Cost of Education analysis concludes, while those in student accommodation will need €11,067 for the year.
That compares to 2019 when the annual cost for a third level student living at home was €4,611.
Parents of secondary school going children expect they will have to shell out €2,281 on their education this year, but are underestimating the reality by €800.
While, parents of primary school going children estimated that it will cost them €1,412 this year, when in fact the study found it to be €1,546.
The research also found that three out of every five parents feel inflation has increased the financial strain of funding their children’s education.
Nonetheless, 90% of parents said they aspire for their children to get a third-level education and 40% are already saving for it.
“Despite the challenges of the high cost of living and education costs, parents are steadfast in their commitment to providing quality education for their children,” said Jonathan Daly, Head of Life Retail Distribution and Propositions at Zurich Life Assurance.
“Many parents still express concerns about the escalating costs associated with aspects such as travel, grinds, and schoolbooks.”
The study was carried out by iReach among a nationally representative sample of 1,900 respondents earlier this year.
It found that the high cost of accommodation means that nearly two thirds of students live at home.
The average annual cost of student accommodation, the survey found, was €5,034.
But the bill for rented accommodation was double that at €10,067.
This year, on average third level fees were found to have fallen to €3,152, down €779 from a year ago.
However, this is mostly as a result of the €1,000 cut in third level fees which those paying them can benefit from just this year.
Four out of every five parents with third-level going children see the costs as a financial burden with just over half incurring debt to cover them, with around a third of parents of secondary and primary school kids also borrowing to make ends meet – with the average debt at primary school level being €474, secondary school at €624 and third-level at €1,356.
Article Source – Third level education costs double in five years research finds – RTE
