home News One-third of students rely on parents for contribution fee, says Bank of Ireland study

One-third of students rely on parents for contribution fee, says Bank of Ireland study

According to a survey run by the Bank of Ireland, about 36% of students rely on their parents to cover their student contribution fee. About 65% live at home with their parents while at univeristy, with 24% of students needing parents to pay for transport.

Held in August 2019 with 550 respondents, the Bank of Ireland commissioned this survey as part of their “Financial Wellbeing Programme”, which includes launching several student offers.

The survey found that students had an average disposable income of just €9.20 a day, with 63% working at least part-time and 8% working full-time. 23% of students living in private accommodation rely on parents for rent and utility bills.

“College life is complicated. From finding affordable accommodation to making time for studies, students in Ireland are working part time and trying to enjoy their social life too. Bank of Ireland’s Financial Wellbeing programme helps inform and educate students on spending and saving in a way that suits their needs, as we understand that this is a time when they can feel under financial pressure.” said Rory Cart, Head of Youth Banking at Bank of Ireland, “To make the transition a little easier we are rewarding all our Bank of Ireland student customers with cashback offers that have been designed by students for students, such as free NOW TV passes, 30% cashback on every Just Eat order and €5 cashback on a €20 spend in Maxol, offering value throughout the college year.”