Mary Mulllins presents the weekly business programme, In Business, each Thursday from 6 to 7pm. The one hour programme offers buisness advice from industry leaders, profiles of both new and established enterprises, new developments and awards.
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Saving for Third Level Education
Information from Carol Brick of CWM Wealth Management
A recent survey shows that while Irish parents are largely prepared for the costs of sending their children to primary and secondary school, third level education is a financially daunting prospect for the majority of parents.
Parents of students who must leave home to go to college face an annual bill of well over €12,000 depending on which university their children plan to attend.
The 2017 Official Cost of Third Level Survey examines all relative costs in relation to third level universities in Ireland including fees, rent, utilities, food, travel, books, clothes, mobile phone and social related costs – the total per university is as follows:
UCD – €18,360 per annum
UCC – €14,340 per annum
NUI Galway – €14,160 per annum
UL – €14,133 per annum
University of London – €27,263 per annum
If parents were to save fully in advance for a student to attend a 3-year degree in UCD – you would need to save an amount of at least €202.17 per month from birth – basically the monthly children’s allowance topped with a further €60.
If the parents waits until a child is 10 years old to start saving for the same education, it would cost €518.88 per month, or if you leave it until age 15 – then its €1,474.93 per month.
If you have queries or would like more information about CWM Wealth Management’s options for regular or lump sum savings options, contact them at [email protected] or call 021 4839339