Farming parents urged to plan for future
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.