Credit Union 3rd Level Costs Survey

The ILCU 3rd Level Costs Survey was released with some interesting results. The survey was carried out by iReach Insights in April 2019. 445 third level students were surveyed.
  • A quarter (24%) say finance/debt is their biggest worry.
  • Almost three quarters (74%) say they have to work during the college term to cope with costs.
  • 55% say they are missing their lectures in favour of paid work, up significantly on 22% in 2017 with six in ten saying having to work has a negative impact on their studies during busier college times.
  • Of the three quarters saying they have to work to cope with costs, seven in ten are working part-time. 14% work full-time and 15% work ad-hoc hours. On average, students are working almost 15 hours a week (14.8 hours) and earning just over €10 an hour (€10.14).

  • Students say their biggest monthly expense is, unsurprisingly, rent at an average of €318 a month.
  • This is followed by food at €116.
  • Students are spending €88 each month on travel costs and €74 on utility bills.
  • In the main, students will cut spending on social life (40%) and buying clothes (18%) to cope with costs.
  • However, worryingly, 15% will cut down on buying food and 11% say medical check-ups will get the cut.
  • Over a third of all students surveyed (34%) said they expect that their third level education costs will leave them and/or their family in debt after graduation.
  • The vast majority admit to having no monthly budget. 57% said they didn’t have a financial plan or a budget to help manage third level costs.
  • Of these students with no financial plan, three in ten admit to needing one but say they just haven’t got around to it. 22% say they need a budget, but just don’t know where to start. 16% say that while they need a budget, they will never stick to it so there is no point.

  • The majority of students (42%) rely on parents and family to fund their third level education.
  • 29% rely on the government grant.
  • 13% on paid employment.
  • 6% can fund their education from their savings.
  • Just over half of students say they receive a monthly allowance from their parents or family to help cover costs they incur.
  • On average, they receive €202 per month.
  • Almost half however (45%) say this is insufficient to cover their costs.
  • Of those saying it’s not enough, a quarter say they would never ask for more money (26%).
  • 19% however say they constantly have to ask for more money.
Kilmallock Credit Union offer a low rate education loan for all levels of education and associated costs. Click here to learn more about our education loans.
Call us to apply for your education loan today: 063 98355 or email

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