Third level finances
If you’ve got a child heading for third level, now is the time to start saving for the inevitable and hefty bills. According to the Irish Independent‘s Louise McBride, parents with children going to college in five years should start saving €700 per month now, in order to ward off a four-year bill in the region of €44,000.
“Those who haven’t yet started saving to send a child to college this September may have no choice but to borrow the money. Parents who still have a few years to go before their child starts college should start saving now,” she says.
In other news, many Irish workers could be in for a rude awakening when it comes to their pension – an article in the Irish Independent notes that the average worker has just “enough in their private pension fund to give them a weekly income of €60 – that’s €8.50 a day.”
Charlie Weston quotes David Begg, Chairman of the Pensions Authority, as warning that not enough workers have a private pension, while many who do aren’t allocating enough funds to it. “A lot of people have expectations about what they will get when they retire which will not necessarily be met,” Begg said, speaking to the RTÉ Radio programme Today With Seán O’Rourke.
In a separate piece, Charlie Weston notes that “pensioner poverty” is set to become a real threat, with around 300,000 people due to retire over the next decade – six out of every ten workers in the private sector don’t have a pension in place.
Finally, thousands of Three Ireland customers are due to receive a refund after they were double-charged as a result of a ‘technical error’. The Journal.ie quotes a statement from the company, which apologised for the error and confirmed that a refund will be issued. “We have notified all affected customers and are working with our bank to resolve the issue,” it said, as quoted in the article.