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44pc have to borrow for kids' college

Monday, August 18 10:37:35

While nearly all Irish parents want to send their kids to college, 44pc worry they will have to borrow from a bank or credit union to fund it.

A Standard Life survey of 1,000 adult respondents today also revealed that four out of ten parents or 43pc said they have nothing in place to fund their offspring and almost a quarter of parents (24pc) worry that third level simply won't be possible for their children.

Almost half of parents (45pc) regret not starting a regular savings policy when their children were born.

"Parents seem more optimistic about providing their children with a 3rd level education, but it seems many will have to borrow to do so," said Sinead Cullen, product development spokeswoman for Standard Life. "It's cheaper in the long run if people can save for their children's education rather than borrow," she said. "The average cost per student can be typically between about E7,000 to E10,000 p.a. depending on whether they're living at or away from home. If parents could save between around E100 to E200 per month from the beginning for each child, they would be in a strong position at university time; importantly they will also have peace of mind for all those years too," she said.

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