Leaving Certificate students are only just beginning to contemplate their CAO offers, but according to a new survey, their parents may have been planning for their college days for more than 18 years.
The majority of Irish parents (51 per cent) started saving for their children's college fund when their children were infants or even before they were born, while almost three in ten (29 per cent) began once their child was in primary school. Fewer than one in five (17 per cent) waited until their children reached secondary school.
According to the Behaviour & Attitudes survey carried out for Rabo Direct, savings are the main method by which parents intend to fund their children’s third level costs, with one fifth actively saving their Children’s Allowance. Just over one third (36 per cent) plan to avail of some form of grant, while fewer than one fifth (17 per cent) intend to rely solely on loans.
Children themselves will be expected also to share the costs too. Six in ten parents anticipate that their children will have to contribute towards their college costs. One in ten parents are hoping that their own parents or even grandparents will chip in and contribute too.
Almost half of Irish parents want their child to have the option of studying abroad for some or all of their third level education. However, 56 per cent believe that family finances may narrow their children’s choices for third level.
Interestingly, 20 per cent of Irish mums and dads had also started saving for their child's wedding.
Have you opened a savings account to pay for your child's education? Join the conversation on Twitter @HerFamilydotie #HerFamChats.
