Business Irish

Monday 23 January 2017

Third-level students now forced to live on €55 a week

Income

James O'Donoghue

Published 11/08/2011 | 05:00

STUDENTS have seen their income dive by more than a third, according to a new survey. The average weekly disposable income of those at college is now just €55, down from €86 in 2009, the survey -- conducted by W5 for AIB -- shows.

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Parents continue to be the main source of income for third-level students. There has also been a rise in the number of students relying on state grants.

Banks are set to compete hard to get students to sign up to their current-account offerings, with AIB among a range of lenders offering incentives.

Personal-finance experts said that competition among banks for student customers was intense as graduates tended to have higher incomes and would generally stay with the bank they first signed up with.

AIB said yesterday it would offer first-year students who opened an account a travel card voucher and an interest-free overdraft of up to €1,500.

Meanwhile, the National Consumer Agency has cost-comparison tools looking at the current accounts offered by AIB, Bank of Ireland, National Irish Bank, Permanent TSB and Ulster Bank.

The NCA's www.itsyourmoney.ie website also compares third-level loans and the cost of student credit cards.

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