August is an expensive time of year with the costs of ‘back to school’ on every parent’s mind. We can be a little bit oblivious to the true cost associated with education so we will take a look at Zurich’s Cost of Education Survey 2017 which can give us some guidance as to what we can expect.
Primary Education: Your little one is just starting school which is a milestone in itself. However, this also kick starts many years of expense. Many Parents believe the annual cost of sending their child to primary school is €425 when in fact it can cost €766 per year, a clear jump in the expected cost. 58% of parents believe that Irish primary schools do not do enough to aid the expense of ‘back to school’ as many are paying around €65 euro for uniforms as well as €55 on transport. Most expense has been placed on extra-curricular activities totaling €165 and lunches €110. In total, the annual cost of primary education will equate to €766 annually and €6,128 as a Lifetime cost.
Secondary Education: The costs associated with second level education jump significantly. Parents have estimated that one year of secondary school will cost them €1,273 but in reality, it will set them back €1,629. Grinds take the top spot for the most expensive aspect costing €310, following this are class trips which total €201. Many parents find that to afford this they have to make sacrifices in other aspects of their life such as family holidays, summer camps and clothing. The annual cost of second level will total €1,629 while the Lifetime cost stands at €7,734.
Third Level Education: Without a doubt, this is the most expensive aspect of your child’s education. It can place significant financial strain on the family. Given the high cost of student accommodation, 60% of students commute to college rather than face the financial burden of student accommodation. Rented accommodation starts from €2,628 and can increase significantly depending on things such as housing demand in an area. Rental rates in university areas in Dublin and Cork can differ greatly to those in Limerick and Galway. If your child opts to commute, this will cost you €4,340 annually, compared to €8,206 for rented accommodation, so it is a decision that should not be taken lightly.
Saving for Education: The earlier you start saving for your child’s education, the more prepared you will be. 66% of parents who participated in Zurich’s Cost of Education Survey said they wanted to open a savings account as early as possible. With an easy access savings plan you can do just that.
Primary education: From now until when your child begins primary school, if you save your monthly child benefit of €140, in 5 years you will have accumulated a savings pot of €8,832. Secondary Education: After 12 years with a monthly savings contribution of €140, you will have accumulated €22,564. College Education: The bigger your savings pot, the easier this expensive time will be. Contact Walsh Consulting today who will get you started on the right savings plan for you which will make investing in your child’s future that little bit easier.
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