When people think about saving for their children’s education, it’s usually third level that is in their minds. But with increasing costs for books and book rental, uniforms, stationary as well as voluntary contributions, the cost of sending a child to school is significant whether it’s primary, secondary or third level.

In fact, the average cost of educating one child from primary, through secondary and third level is €72,000!

When does it cost this much?

While the cost for a primary school student is around €1,000 per annum, it is when they reach secondary level that cost start to soar. Annual costs can triple. For a child going through 6 years of secondary, the estimated total cost is just over €15,000.

Cost of education table

Source: Zurich 2022

These costs are unfortunately rising year on year. In a recent survey by Zurich almost 20% of parents had in fact taken out a loan to cover the cost of secondary education.

How can I see what it will cost my family?

Here’s a great calculator from Zurich which will give you an estimate for your own family situation. It includes the main costs that parents are faced and how these can mount up.

Cost of education calculator

As you can see, the cost of educating our children in Ireland is far from free.

What can I do?

It can take time to build a lump sum and it’s never too early to start thinking about it. As part of an overall financial plan, you can look at how putting a little aside regularly will go a long way. The goal will be to cover future education costs. This can really make a difference in the longer term. It’s all about balance!

Where do I start?

Start by looking at your own situation. We all want our children to have the very best in life and that of course includes their education. With the right financial plan in place to help you start saving, you’ll have these costs covered without having to borrow or make unplanned sacrifices at a later date.

The rising cost of education isn’t a new challenge, it’s one that has been around for quite some time. In fact I spoke about it a couple of years ago and have advised a number of clients on their options.

But being prepared for your children’s education can be as easy as A,B,C. Simply get in touch with us and we can take you through the various savings options that will help you ensure you have a plan to provide for your children’s education costs.