Rise in the number of families planning to save in response to cost-of-living pressures
Zurich’s annual ‘Cost of Education’ survey shows families now more likely than last year to start a savings fund
AUGUST 2023: As cost-of-living pressures continue, savings rates appear to be making a steady recovery this year after savings and spending habits were impacted by COVID-19 and a sustained period of inflation.
According to Zurich’s annual Cost of Education survey, conducted by iReach this May and June, 56% of families in Ireland already have savings in place that have acted as a shield against the cost-of-living pressures. This figure is slightly up on 2022 (54%).
The good news is that plans to save are on the increase, with the highest levels seen since 2019. Pre-COVID, around 40% of families had committed to putting money aside for a rainy day, which had decreased to 32% by 2022, before climbing to 51 % this year.
Commenting on the findings, Jonathan Daly, Head of Life Retail Distribution and Propositions at Zurich Life Assurance plc said: “It is encouraging now to see the rise in the number of families planning to start saving to plan for the future. In terms of saving for your child’s education, planning ahead and opening a savings account when children are young will help you to manage education costs before they become a significant financial burden.”
The Cost of Education survey provides insights into how much parents are spending, what factors are influencing how much they save and how they plan to save for the cost of their children’s second and third level education.
The research has found that:
Parents can use Zurich’s Cost of Secondary School and College Calculators to work out the estimated costs of sending their children to secondary school and college and to see how much they might need to save each month to meet these costs:
The calculators are also accessible via Digital Voice Assistants – see here for more: https://www.zurich.ie/blog/zurich-ireland-voice-services/
About the research
The annual Cost of Education in Ireland study was conducted by iReach Market Research on behalf of Zurich Life Assurance plc. The survey, which included a sample of 959 respondents, is nationally representative and was undertaken from 25th May to 9th June 2023. The annual Cost of Education in Ireland study has been carried out each year since 2017. See more about the 2023 Cost of Education Survey in Ireland.
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