Farming par­ents urged to plan for fu­ture

Wicklow People (West Edition) - - NEWS -

IFAC, the farming, food and agribusi­ness pro­fes­sional ser­vices firm, is urg­ing farming par­ents in Wick­low to take steps now to save for their chil­dren’s third level ed­u­ca­tion costs.

The es­ti­mated cost per year is around €10k per stu­dent, in­clud­ing manda­tory stu­dent con­tri­bu­tion of €3,000, an es­ti­mated €4,000 for rent (€5,000 or more in Dublin), and the bal­ance for food, bills, travel, books/ ma­te­ri­als, mo­bile phone, and so­cial life.

The re­cent Farm Re­port 2019 from ifac showed some wor­ry­ing trends about fi­nan­cial well­be­ing across the sec­tor. For ex­am­ple, one in five farm­ers aged 40-65 do not have a pen­sion plan and less than half (43 per cent) have mort­gage and life cover. This means the ma­jor­ity are ne­glect­ing fi­nan­cial plan­ning, which in­cludes plan­ning for fu­ture costs such as third level ed­u­ca­tion fees.

Tom Doyle at ifac’s of­fice in Wick­low is urg­ing par­ents with chil­dren in school to start plan­ning for the year’s ahead.

‘If at all pos­si­ble, do­ing so will help to re­lieve this headache for par­ents when their chil­dren take that step to­wards their in­de­pen­dence. Set­ting up a small sav­ings fund can re­ally help to off­set these costs when they arise,’ he said.

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