Nearly half of parents are not saving for children’s education

Nearly half of parents are not saving to fund their children’s education, even though college registration fees are continuing to rise and further means testing for grants is on the cards.

The survey by Bank of Ireland, in association with schooldays.ie, also shows that while calls have been growing for the children’s allowance to be means tested, almost 25% of parents who save for their children’s educational needs use their children’s allowance to do so.

Two thirds of the parents questioned expect that they will borrow from banks or credit unions to meet college costs.