Rising costs of third-level studies need to be planned in advance by farm families

FARMING parents – whose children are currently in primary or secondary education – have been strongly advised this week to start preparing for the hefty costs involved in third-level education.

Farm and small business accounting specialists ifac have advised that the average annual cost of keeping a student in third level education is approximately €10,000.

This is made up of €3,000 in college tuition fees with a further outlay of €4,000 in rent   €5,000 if the location is Dublin – with the balance being made up in food, bills, travel, books/materials, mobile phone and social life.

According to the ifac Farm Report 2019, ‘some worrying trends’ about financial wellbeing across the farming sector have emerged.

The report noted that one in five farmers in the 40 to 65 age bracket do not have a pension plan while less than half (43%) had mortgage and life assurance cover.

“This means that the majority are neglecting financial planning, which includes planning for future costs such as third level education which are often one of the biggest drains on family income,” ifac state.

Tom O’Farrell, Director of ifac’s Athenry office, said that with many graduate programme applications open until the end of October, this was a time of year when parents should starting thinking of future education costs.

For more, read this week’s Connacht Tribune.

Get the Connacht Tribune Live app

The Connacht Tribune Live app is the home of everything that is happening in Galway City  and county. It’s completely FREE and features all the latest news, sport and information on what’s on in your area. Click HERE to download it for iPhone and iPad from Apple’s App Store, or HERE to get the Android Version from Google Play.