The survey was performed by the Irish League of Credit Unions (ILCU) with the intention of determining the financial impact on families who are supporting a child through university education.

The survey determined that 8 out of 10 parents support their child with college-related costs, contributing over $500 a month (400 euro a month) on average per student.

Additionally, the survey found that 42% of parents are using savings to fund college education for their children, and those who are doing so have been saving for an average of 8 years.

71% of parents in the survey add that their family budgets have been "adversely impacted by the increased college registration fees, and 32% have had to sacrifice spending on necessary household bills because of delays on grants."

The study also highlights that student monthly spending is up, from roughly $640 (484 euros) in 2011 to $684 (516 euros) currently. reports on an audio clip from Mandy Johnston, head of communications for the ILCU. She says that they have seen "a dramatic increase in the number of students who are working to assist with this funding," an increase that puts the statistic at 66%.