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The Journal
6 days ago
- Business
- The Journal
Taoiseach grilled in Dáil on back to school cost crunch
MARY LOU MCDONALD accused the government of throwing struggling families 'under the bus' in October's budget, as a survey found one in three families are getting into debt to fund back to school costs. The Sinn Féin leader said the Taoiseach 'couldn't care less' about the cost pressures on families. Taoiseach Micheál Martin said McDonald was 'oblivious' to the economic climate. The Irish League of Credit Unions (ILCU) research found that the number of families taking out loans to cover back-to-school costs has tripled to 12%. Advertisement The average amount of debt in 2025 is €376 compared to one in four parents in 2024, taking on an average of €368 of debt. The total back to school spend in 2025 is €1,450 for primary school parents and €1,560 for secondary school parents. This is an increase for primary school parents of €364 compared to 2024, and €159 for secondary school parents. After school-care is the top expense for primary school at €197. Over a third of parents say that they are forced to deny their children at least one back to school item. The research also found that 64% believe that back to school costs are a financial burden, while 78% of schools also ask for a 'voluntary' contribution. The Sinn Féin leader read out in the Dáil the experiences of four people struggling with the cost of living, saying the cost of a weekly shop has gone up. She said the 'kick in the teeth for people is that you flatly tell them that you're not going to help', after the Government said there will be no one-off measures in October's budget. She acknowledged the economic uncertainty caused by Donald Trump's threat of a 30% tariff on EU goods, but said working class families and young people would be 'the real casualty' in that scenario. 'Why? Because they have a Government that cares more about the high rollers, the big bankers, your squadrons of junior and super junior ministers, than you do about struggling households,' she told the Dail during Leaders' Questions on Wednesday. Martin said he would 'test' any budget measures put forward by Sinn Fein, accusing the party of offering to spend billions on whichever issue crops up. The Taoiseach said the Government understands there has been pressure on households since the end of the pandemic and the Russian invasion of Ukraine. He said cost-of-living packages were announced in subsequent budgets as a result, but this year offered a different economic scenario, which he accused McDonald of being 'oblivious' to. 'I heard your spokesman talking about universal benefits for the high rollers. That's what your spokesman Pearse Doherty said this morning. He wants universal energy credits for the high incomes, for the high rollers. I will test you and your commitment and your principles,' he said. 'Will you agree to targeting? Will you agree to prioritising those in respect of child poverty in the forthcoming budget? Because we will target, and we will prioritise those most in need,' he added. He said permanent measures such as the 'gamechanger' free books scheme and hot school meals programme have also been implemented. Martin added that Ireland's 1.8% rate of inflation is the third lowest in the EU and is 'mid-table' in relation to food prices. He said investment in the public's future through spending on infrastructure is 'important'. 'For the first time ever now, we're back to pre-famine population on the island of Ireland, that's a positive, but we've got to provide for that in terms of our water infrastructure, in terms of housing, energy infrastructure, public transport and roads. But there are limits to what any government can do, and you're the opposition with no limits in terms of what you will spend', he said. 'It doesn't matter, whatever turns up on any day, you will spend a billion or two billion on it, that's your philosophy and that's your mindset.' Sinn Féin spokesperson on Education and Youth, Darren O'Rourke TD, said the survey highlights the urgent need for the government to introduce a cost-of-living package for hard-pressed families. 'This survey undertaken by the ILCU found that one in three families will be forced into debt to send their children back to school this Autumn. This is shocking and shows the stark reality of the cost-of-living crisis,' he said. 'Government must increase investment in our school system to match increasing costs in insurance, energy, electricity and elsewhere, and they should enact Sinn Féin's Voluntary Contributions Bill to regulate this practice,' he said. O'Rourke urged the government to acknowledge the cost-of-living crisis and to respond to it with a cost-of-living package, adding that free school books and hot school meals do not go far enough to protect families from the increasing costs of education. Additional reporting by PA. Readers like you are keeping these stories free for everyone... A mix of advertising and supporting contributions helps keep paywalls away from valuable information like this article. Over 5,000 readers like you have already stepped up and support us with a monthly payment or a once-off donation. Learn More Support The Journal
Irish Times
7 days ago
- Business
- Irish Times
Third of parents expected to go into debt to fund back-to-school costs
Parents sending children back to school next month are likely to see a spike in associated costs, with one in three expected to go into debt and more than a third forced to deny their children at least one back-to-school item, new research suggests. The Irish League of Credit Unions ' (ILCU) annual Back to School survey indicates parents of primary schoolchildren will spend more than €350 more this year than in 2024, while parents of secondary schoolchildren will see costs rise by just under €200. The 2025 survey of 729 parents conducted by i-Reach found that one in three parents will get into debt to cover the costs, with the average amount of debt coming in at €376. In 2024, the survey said 25 per cent of parents would go into debt compared with the average debt said to be €368. The research reveals that 35 per cent of parents will be forced to deny children at least one back-to-school item this year. READ MORE The total back-to-school spend this year is put at €1,450 for primary school parents and €1,560 for secondary school parents. This is an increase of €364 for primary school parents compared with 2024, and a €159 rise for secondary school parents. Sixty-one per cent of parents contacted said schools do not do enough to minimise back-to-school costs. David Malone, chief executive of the ILCU, said the survey findings reflect the 'broader pressures being felt across society associated with the increasing cost of living '. 'While the fact that one in three are taking on debt is significant, the research also shows that more and more households are sacrificing to pay for back to school, particularly when compared to recent years.' At 74 per cent, general monthly income remains the top method of payment, but it has dropped from 80 per cent in 2024. There has been a significant increase in parents using savings, rising from 7 per cent last year to 42 per cent. The number of parents saying they are taking out credit union loans has tripled to 12 per cent. The 2025 research also looked at the role and impact of free hot meals for schoolchildren, with most parents welcoming the continued implementation of the scheme 'It is telling that the top reasons were financially driven,' Mr Malone said, noting 60 per cent said the meals reduced food insecurity while 56 per cent welcomed the reduced cost to parents. The study found that 78 per cent of schools ask for a 'voluntary' contribution, while after-school care was identified as being the top expense for parents of children in primary schools. Almost two-thirds of parents said they felt pressured to buy branded clothing, footwear and other items, while 35 per cent said they were forced to deny their children at least one back-to-school item. New gym gear was the most likely item parents would forgo.
Irish Times
05-07-2025
- Irish Times
Swap Barcelona for Malaga, Santorini for Milos: where to skip the crowds but not the vibe
When the phrase 'destination dupes' was coined by an online travel platform two years ago and subsequently hijacked by TikTokers keen to show off their travel credentials, it was viewed by many as just a simple play on words designed to sell holidays in some lesser-fancied destinations. In truth, that is probably all it was, at least at the time. But the notion of swapping out one very popular – and sometimes overpriced – destination for another broadly similar one that is quieter and cheaper, cooler and maybe even more friendly has started to gain more currency over the last 18 months. There are three reasons for this. First, there is the depressing and apparently endless cost-of-living crisis. A recent study from the Irish League of Credit Unions found that almost a quarter of Irish people cannot afford to take holidays abroad. Even among those who can, there's a significant cohort who can no longer afford to visit the most popular and priciest destinations and are, as a result, seeking out cheaper alternatives. READ MORE A second reason we are suddenly in our Destination Dupe era is that many places – the likes of Barcelona, Lisbon, Venice and the Spanish islands – are simply touristed out. [ Venice to limit tourist groups to 25 people to 'protect peace of residents' Opens in new window ] A constant post-Covid stream of visitors to some of Europe's most popular locations has fuelled resentment among local people. They are tired, understandably, of the big crowds and the negative impact over-tourism has had on their way of life and cost of living. Spanish , Italian , Portuguese , Dutch and French people quite reasonably point out that a proliferation of Airbnb lettings across their cities have worsened housing crises. They add that tourists concentrated in a relatively small area – like La Rambla in Barcelona or the centre of Amsterdam (or Temple Bar) – can make a place as unlovable as it is uninhabitable. Some holidaymakers who are tuned in to the mood of locals in the places they visit are seeking alternatives. They are taking roads less travelled and heading for cities, towns, villages and seaside resorts where they can find better value and fewer other tourists. And finally, there is the heat. Over recent weeks it has been scorchio across much of Europe, with many tourism hotspots baked in temperatures above 40 degrees, making them dangerous to be in. While the problems of higher prices and over-tourism might well be transient – or at least their impact on key locations might lessen over time – the climate crisis is only going to get worse. That will see more people going in search of cooler (literally and metaphorically) alternatives, swapping out the Mediterranean Sea for the North Sea, or the Balearics for the Baltic. So, here are our favourite alternatives to some of the world's most popular destinations. They are just as enriching but without the crowds, costs and possibly even the heat. Swap New York for Montreal Students relax on the lawn at McGill University in Montreal on Oct. 4, 2023. Montreal has far too much for just 36 hours, but if you bring some good walking shoes, youÕll find terrific meals, stunning views atop Mont-Royal and a creative spirit that comes across in any language. (Clara Lacasse/The New York Times) New York 's movie-like streets, interesting people and towering skyscrapers make it a unique place. However, with long-term residents jostling for space with corporate go-getters, it's no secret that it's a crowded and expensive city. If it's the cosmopolitan feel that draws you to the Big Apple, Montreal in Canada also has that in spades – and it's budget-friendly. With a rich history of immigration, Montreal's neighbourhoods – from the enclaves of Little Portugal, Little Italy and Chinatown to the hip Le Plateau and the charm of Old Montreal – are as distinct as New York's. Mural by Baguette Brochette in Montreal. Photograph: Tourisme Montréal Plus, the food scene is just as spectacular. It houses famous eateries that have been serving up the same family recipes for generations (try Schwartz's Deli) alongside innovative dining options like Les Mômes. Found in the relaxed Villeray area, it delivers elevated French cuisine with a strong emphasis on local ingredients and sustainable processes – and it's BYOB (bring your own beer). Getting there: Air Canada flies direct from Dublin to Montreal from €525. Where to stay: Hôtel Monville (double rooms from €162) offers sweeping views of the financial district and is centrally located for all of Montreal's main attractions. Swap Barcelona for Malaga Malaga, on the Costa del Sol in Spain. Photograph: Getty Images It has been well documented that Barcelona – once among the most effortlessly cool cities to visit on a weekend break in Europe – no longer likes us. From spraying unsuspecting tourists sipping (overpriced) sangria on La Rambla to painting 'tourists go home' graffiti all over the city, Catalans have made it clear they're fed up. They are, of course allowed to be fed up (although they could ease off on the extreme hostility). If you still want your Spanish city break and don't want to be glowered at, try Malaga. Its airport is one of the busiest in Europe but the tourists who fly in tend to immediately go west to the Costa del Sol resort towns, or east towards Nerja. The city itself is, however, a joy to stay in with its Roman ruins, looming castle, labyrinthine streets, great-value restaurants, echoes of Pablo Picasso and all the shopping you could possibly want. Getting there: Ryanair and Aer Lingus fly into Malaga several times a day. Where to stay: At the risk of enraging some locals, there are good-value Airbnbs smack in the centre of the old town. If you want a hotel, there are many but the four-star Hotel Ilunion with stunning sea views has rooms in September for €184 a night. Swap Santorini for Milos Tourists enjoy a quiet holiday on the beautiful white rock formations in Sarakiniko beach, on the north shore of Milos island, Greece. Photograph: Borchee/Getty Images The blue-domed, whitewashed buildings of Santorini are almost as famous as the magical sunsets that bathe them in citrus colours during the golden hour. But just out of shot on Instagram are the groups of tourists ready for the same view. Happily, similar vistas are on offer in Greece 's many other islands – 230 of them, in fact. Milos, a 2½ hour ferry ride from Athens, is top of the bunch. It has all the beauty and crystal-clear waters you'd want on a Greek island trip, a remote and relaxed feel, and infrastructure to experience it all with ease. Rent a boat to beach-hop around the island and don't miss Kleftiko, famed as an old pirate hideout. And sunsets? Get the best view on the island at its Venetian Castle – it's worth the climb up the hill. Getting there: Ryanair and Aer Lingus fly direct from Dublin to Athens from €93. Where to stay: Capetan Giorgantas (double rooms from €71) is a light, airy hotel with nautical touches – fitting as it is conveniently located near the ferry port. Swap Venice for Bari Bari, Italy is a gateway to Puglia. Photograph:There's no replicating a floating city that nonchalantly shows off magnificence at every corner. Yet the essence of Venice is a city with heaps of Italian history and charm, and that's what Bari offers too – plus its main landmark is a floating former theatre, Teatro Margherita. On the southern coast at the heel of Italy, it's a working city that's popular with nearby holidaymakers. More recently, as the gateway to the rest of Puglia, it has welcomed international tourists. The place to be is its stunning old town. Because of centuries of invasion from the Adriatic Sea, its narrow streets flanked by tall housing feels like a maze for anyone who enters except for its residents. But getting lost within it, encountering sturdy women selling their kitchen-made pasta, small squares for people watching and restaurants that you'll never find again despite best efforts, is a joy. Getting there: Ryanair flies direct from Dublin to Bari from €137. Where to stay: The three-star Palazzo Calo (double rooms from €145) is a rustic building with stylish, contemporary rooms in the heart of the action. Swap the Algarve for Zandvoort Venti Beach houses in Zandvoort, Amsterdam. Photograph: Fotostudio Zandvoort Zandvoort is one of the biggest beach resorts in the Netherlands and very accessible, with trains leaving from Amsterdam's central station every 30 minutes for a 40-minute journey. The beach is stunning and the town buzzing with shops and bars and beachside restaurants. While temperatures in Spain and Portugal reached record highs of 46 degrees during the recent heatwave, in Zandvoort, it was much more pleasant with highs in the early 20s. The North Sea can be on the chilly side, but in high summer when the sun is beating down, a quick dip – and it will be pretty quick – will be just what you need. The town itself if pretty sleepy – even when overrun with (mostly northern European) tourists – but if you tire of beach days, the wonderful city of Haarlem is a short hop away and definitely worth a visit. Amsterdam is also within easy reach, though bear in mind that the city is front and centre when it comes to over-tourism and your presence in high season might not be welcomed (although you might get away with it if you are not on a stag or hen, or spending your days getting stoned in the city's coffee shops). Getting there: Ryanair and Aer Lingus fly into Amsterdam's Schiphol Airport, with return flights this summer available for under €50 on some dates. Where to stay: Rooms in the four-star NH Zandvoort in August are currently available for €208 per night. Swap Ibiza for Pag Novalja's colourful waterfront view in the Dalmatia region of Croatia. Photograph: Getty Images Ibiza's clubbing scene has already been replicated in other party islands like Mykonos in Greece, and Pag in Croatia has fast become a reputable alternative. Most of the year, it's a remote, quiet island with lunar landscapes on its rugged eastern side, and verdant forests to the west. But from June to August, Novalja is the place for party people. Thumping dance festivals like Hideout, Sunscape and Sonus take place on Zrće beach, attracting thousands of revellers to this paradise island. With a circus theme and cake-smushing for festivalgoers, Circus Maximus, taking place at the end of July, is especially wild. Blow away the cobwebs the morning after the night before with a dip in Pag's turquoise waters, or its walking trails through peaceful countryside – just mind the ubiquitous sheep in Pag. Getting there: Ryanair fly direct from Dublin and Cork to Zadar from €71. Where to stay: 3.5km away from Zrće Beach, the seafront Hotel Kaneo (doubles from €80, rising to €225 in high season) is exactly what's needed after a night out: rooms are plush and comfortable, and the outdoor pool offers stunning sea views. Swap New Orleans for Savannah, Georgia Oak trees and colonial houses in downtown Savannah. Photograph:To immerse yourself in Southern livin', good times and folklore, New Orleans isn't the only option in the the Atlantic coast, 900km east, Savannah is a vibrant, youthful city that's fast becoming a favourite with holidaying Americans . Central to its appeal is its historic aesthetic – like New Orleans' French Quarter, its commitment to historical architecture transports you to a different time period entirely (it's no surprise that Savannah is supposed to be America's most haunted city). Southern fare is big in Savannah, but expect contemporary twists – for example, at Garage at Victory North, the famous red rice is turned into a creamy risotto. Best of all, you won't have to book your accommodation for Savannah months in advance. And when you do, like the rest of the holiday, it will be keenly priced. Getting there: Connecting flights to Savannah with JetBlue, Aer Lingus, Finnair, Delta, British Airways and American Airlines start from €742. Where to stay: The Old Harbour Inn (double rooms from €152) is in a converted warehouse from 1892, and many original features remain. Swap Bodrum for Ksamil Ksamil beach, the jewel of the Albanian Riviera, in the Vlore province. Photograph: Tuul &You may not have heard of the jewel of the Albanian Riviera, but it is becoming increasingly popular thanks to its gloriously white sands, crystal clear waters and great value places to eat. Ksamil (the K is silent) sits on the Ionian Sea close to Corfu, and on the fringes of the Unesco-protected Butrint National Park, with its Roman ruins and gorgeous little lakes. At high season the beaches are very busy – you will have to pay a tenner or more to access a lounger with no option to just lay down your towel – so you might want to avoid booking in July or August, but in the shoulder months it can be a little piece of heaven. The restaurants are plentiful and very cheap indeed – a meal for two including wine won't cost more than €30, while beers often cost less than €1. Getting there: No direct flights. Fly from Dublin to Corfu with Ryanair or Aer Lingus and then take a 35-minute ferry to the city of Sarande, and a bus to cover the 15km to the resort. It is a bit of journey, but isn't travel supposed to be an adventure? Where to stay: There are plenty of hotels with few costing more than €200 a night, and many budget options for under €100. Try the three-star Hotel Villa Qendra with rooms from €91. Swap Bruges for Tallinn Toompea hill with tower Pikk Hermann and Russian Orthodox Alexander Nevsky Cathedral in Tallinn, Estonia. Photograph:The Belgian city of Bruges is world famous for its historical architecture, old town and great beer. But Tallinn in Estonia does the same for a fraction of the price. Located on the northeast of mainland Europe by the Baltic Sea, the Estonian capital is also simple to navigate. The city is a 15-minute drive from the airport, and it's an eminently walkable town. With its patchwork of squares and Hanseatic and Gothic buildings, Vanalinn, the Unesco-protected old town, it is one of Europe's best-preserved medieval areas. Yet its recent tech industry boom means that there's a dynamism to Tallinn – within Vanalinn's narrow, cobbled streets, you'll also find a buzzing nightlife, where the bill for a meal often totals €20 and a pint costs €5. Getting there: Ryanair flies direct from Dublin to Tallinn from €64. Where to stay: Stay in a slice of history – The Three Sisters Hotel (doubles from €108) is a faithfully renovated hotel within a striking 600-year old building. Swap The Maldives for Maddalena Island, Sardinia La Maddalena in Sardinia offers the beachy beauty of The Maldives, only much more affordably. Photograph: FrancescoThe Maldives' postcard-perfect beaches, shallow warm waters and rich coral reefs are every sun-lover's dream. It's tricky to find a more practical dupe nearer to home, but if you can forgo the luxe feel and abundance of rare marine life, La Maddalena in Sardinia offers the beachy beauty of The Maldives, only much more affordably. Situated off the northeast tip of Sardinia, it's more rugged than the nearby Smeralda Coast, famed for its glitz and glam, but just as beautiful. The neon-blue waters are so inviting, and its immaculate beaches are powder-soft under your toes. The island is a former US naval base and it recently set up its tourism amenities, so if you don't mind your idyllic beaches with a rustic feel, La Maddalena is an ideal dupe. Getting there: Ryanair flies direct from Dublin to Olbia Costa Smeralda from €78. Maddalena Island is a ferry ride from there. Where to stay: Hotel Excelsior (doubles from €125) is a traditionally-styled, comfy four-star on the coast, with a terrace to enjoy cocktails. Prices were correct at the time of publication but are subject to change.
Irish Independent
17-06-2025
- Business
- Irish Independent
Credit unions' total loans top €6bn on back of demand for mortgage products
Lending levels have been boosted by credit unions issuing more mortgages to members. In the last year alone, mortgage lending is up by more than a third. Mortgages now make up 10pc of the overall credit union loan books, according to the Irish League of Credit Unions, the representative group for the sector. The league released financial details for the April to June period outlining the performance of its members. Overall, the results showed continued growth among credit unions, with continued expansion in mortgage lending and in the adoption of digital services, the league said. Credit unions issued loans to the value of €685m the second quarter, an 11pc increase on the first three months of the year. The total credit union loan book now stands at €6.08bn. This is the first time since 2008, the peak of the Celtic Tiger, that the loan book of credit unions has topped the €6bn figure, according to Irish League of Credit Unions chief executive David Malone. He said mortgage lending was a growing part of the sector's lending. The loan books of credit unions, which are members of the league, increased to €632m at the end of March, a 5pc increase on the first quarter. This is a growth of 34pc over the year. At the end of the second quarter of this year, mortgages represented 10.4pc of the loan books, up from 8.5pc in March 2024 and 5.7pc in March 2023. The average loan outstanding is now at a record high of €10,617. ADVERTISEMENT The growth in overall lending is in the context of close-to-record-low arrears of just 2.37pc. Recent legislative changes, which are due to come into effect by the end of the summer following Central Bank changes to its rules, mean credit unions will be allowed to almost triple their mortgage lending. Credit unions are now coming together to take on the banks on mortgages. They are to jointly offer mortgages in a move that will deepen the sector's penetration in the home-loans market. A number of larger credit unions already offer mortgages, but each has a different interest rate. The new product, Credit Union Mortgage, will mean there will be a standardised national mortgage, with a set interest rate. Initially, there will be a single mortgage product with a variable interest rate of 3.85pc. The launch of the product for new buyers and existing homeowners is due on a phased basis from next month. Mr Malone said: 'These results reflect the continued trust that communities across Ireland place in their local credit unions. 'Surpassing the €6bn mark in our loan book for the first time since 2008 is a significant milestone, and the consistent growth in mortgage lending shows that members are increasingly turning to credit unions.' He said the sector had achieved near record-low arrears and growing membership. Mr Malone said the sector was eagerly awaiting the finalisation of the Central Bank's 'Consultation on Proposed Changes to the Credit Union Lending Regulations'. With these proposed changes, credit unions could potentially expand their mortgage loan portfolios to more than €5.5bn, he said.
Irish Examiner
16-06-2025
- Business
- Irish Examiner
Value of credit unions' mortgage book rises 34%
The total value of the mortgage loan book held by credit unions across the country has increased by 34% over the last year as the value of all loans surpasses €6bn for the first time in 17 years, new data shows. During the period January to March this year, credit unions issued loans valued at €685m - an 11% increase compared to the previous quarter. This increased the value of credit unions' loan book to just over €6bn. This is the first time since 2008 that the credit union loan book has reached this figure. The data comes from the Irish League of Credit Unions (ILCU) which represents 90% of the total active credit unions in Ireland. A large part of the growth in credit union loans is the increasing number of mortgages being approved. The ILCU credit union mortgage loan book increased to €632m as of the end of March this year - a 34% increase compared to the same month last year. As of the end of March, mortgages represented 10.4% of the entire credit union loan book - up from 8.5% in March 2024 and 5.7% in March 2023. David Malone, chief executive of the ILCU, said surpassing the €6bn loan book value mark for the first time since 2008 'is a significant milestone' and the consistent growth in mortgage lending 'shows that members are increasingly turning to credit unions for long-term financial needs'. Mr Malone added that his members 'eagerly await' the finalisation of Central Bank's new lending regulations for credit unions which 'could potentially expand their mortgage loan portfolios to more than €5.5bn, a significant increase from the current cap of €1.9bn'. 'This would enable credit unions to meet the growing demand from members for credit union mortgages and ultimately help more people achieve home ownership'. The size of the average outstanding credit union loan is now €10,617 with the rate of arrears at just 2.37%. Savings with credit unions also grew by 3.4% over the last year to €15.7bn. According to the ILCU there are now 3.29 million members of ILCU-affiliated credit unions representing an increase of 37,000 year-on-year. Other credit union services The ILCU said there has been a sustained increase in members using electronic payments as well as their member unions' digital channels. Credit unions processed in excess of 8.8 million debit card payments in the three months to the end of March - an increase of 10% on the same period last year. Of these payments, 59% were contactless. On an annual basis, debit card payments totalled 33 million - a 13% increase compared to 2024. On loan protection and life savings coverage offered by credit unions, Mr Malone said these supports are 'offered at no direct cost to our members and can make a real difference when it matters most'. The ILCU said that in the most recent financial quarter, credit unions paid out over €10m in life savings benefits to approximately 4,400 families coping with the loss of a loved one. Over the same period, loan protection cover cleared just under €5m in outstanding loans. Read More Credit union offers capped variable interest mortgages
