New research from the Bank of Ireland revealed that Irish students have an average income of €9.20 a day or €258 a month, while 35 per cent have less than €100 of disposable income per month.
The study also shows that one in three students rely on their parents to pay their college fees, which can reach a height of €3,000 per year.
The survey was carried out as part of Bank of Ireland’s Financial Wellbeing programme.
Half of students surveyed revealed, that living at home is the most common type of financial support given by parents. With 23 per cent of those who do not live at home requiring financial assistance from their family.
Half of students also share accommodation with three to four other people, with 50 per cent of those living with people they have never met before. According to the students surveyed, this leads to conflicts about living standards such as keeping the kitchen tidy.
A third of those admitted to bringing their laundry home and 28 per cent clear the kitchen cupboards of food before returning home for the weekend.
A quarter of students who live away from home receive financial help from their parents to pay for rent, while 22 per cent of parents pay for utility bills such as electricity and gas.
Almost two out of three students work at least part time to support themselves while they study. With 8 per cent working full time while they complete their third-level education.
From the students surveyed by the Bank of Ireland, 80 per cent say they make an effort to save throughout the year with €184 being the average amount saved per month. Most of those surveyed are saving for student life expenses like college fees, cars and summer holidays.
The low average of income is not stopping students from pursuing their social life, as 19 per cent have admitted to skipping meals to pay for college nights out. Subscription services are also popular with 82 per cent saying they access them regularly for music and entertainment.
Commenting on the research, Rory Carty, Head of Youth Banking at Bank of Ireland said, “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”.
According to Carty, the Bank of Ireland’s Financial Wellbeing programme aims to inform and educate students on spending and saving in ways that benefit them and suit their needs.
According to a survey carried out by the Irish League of Credit Unions, more than half of students in Ireland skip lectures to attend paid work, this increased from one in five in 2017.
Due to the demand for student accommodation and high rent prices, many students are commuting to college while one in four revealed they have their travel expenses paid for by their parents.
Second Year Journalism student, Lauren Allen commutes from Westmeath to DCU and stated “this year I have decided to commute from Athlone to college due to the cost of living in Dublin. Everything from travel, accommodation and food is more expensive in Dublin than at home. Commuting saves me so much money”.
Image Credit: Sonaja Tutty