Building up funds
A great education is the best possible start in life and for most parents ensuring they can provide for their children's education, from primary school right through to third level, is crucial. Our Cost of Education research clearly shows that college education doesn't come cheap and by the time a teenager reaches third level, parents are really feeling the pressure of funding their children through university or college.
While accommodation is the biggest financial drain for college students, other costs such as transport and living expenses can quickly add up. In addition, 73% of parents provide financial support to their children in third level and over the course of a year, the average spend on parent financial support is €2,547.
There are ways to reduce the financial burden such as limiting the use of public transport, and indeed if a third level student has a part time job, that will certainly help. In fact, 69% of parents said that their child has a job as well as attending
college.
When it comes to financing their children through college, nearly half of parents use savings to pay for their children's college education.
In third level, parents find covering the cost of this level of education a financial burden. One measure families can take to help avoid putting their households under severe financial pressure, or pushing them into debt, is to ensure early planning around their children's education, adopting measures such as early life savings schemes.
*Source: Zurich Cost of Education Survey 2023
