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Wednesday 18 October 2017

Almost half of parents say they won't be fully capable of funding their child's college fees

The cost of putting children through college is a major financial worry for parents.
The cost of putting children through college is a major financial worry for parents.

Paul Healy

ALMOST half of parents admit that they will not be fully capable of funding their children's college fees in the current economic climate.

A new survey has revealed that parents are concerned about the cost of college, while they also feel that children need to be better educated on managing their finances.

But more than 80pc of teenagers in Ireland have at least one savings account, while 75pc of teens save about a third of their pocket money.

Seven in 10 of those teens receive pocket money from their parents, and 74pc of these receive it on a weekly basis.

However, the survey found that the majority of teens were saving for a phone, a computer, or a holiday, while only 17pc of them were saving for college.

Nearly half of parents admitted that they could not afford to pay the full cost of their child's college courses, while just over 20pc said they would expect their teen to have a part-time job.

The survey was carried out by the Irish League of Credit Unions (ILCU) and questioned more than 1,000 people from a variety of backgrounds.

Ed Farrell, acting CEO of ILCU, said: "We can clearly see from this survey that parents of teenagers are looking for better support in educating their children on understanding and managing their finances.

"Mums are doing the bulk of the work in this regard."

Most parents said that they did not believe Ireland was out of the recession yet. They are also concerned schools are not doing enough to educate children on safeguarding their finances.

Mr Farrell added: "The new social and financial reality of life in Ireland means that having a solid understanding of basic financial principles for our young people is extremely important.

"It is vital that we continue to educate our younger members about the merits of investing in their own futures, by sound financial planning and responsible money management."

Following their 2015 Youth Conference this weekend in Tullamore, the Irish League of Credit Unions launched 'Clued-In', a resource aimed at educating teens about money.

Irish Independent

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