€72,000! That’s the average cost of educating one child from primary through secondary and third level education. Regardless of whether your children are in primary, secondary or third level education, it’s probable that you are underestimating the cost of sending them to school and college. Education in Ireland is supposed to be free. But every year many families get a shock at how much it actually costs!
Cost of education
One year in primary school is estimated to cost just over €1,000, that figure doubles in secondary school but triples for a third level student living at home to over €6,000 per year. For a student living away from home in rented accommodation, that figure can more than double to a huge €12,100 per year.
We all want our children to have the very best in life and that of course includes their education. But at what cost? The research showed that when it comes to financing children’s education, the need for sacrifices follows the same upward trend as the costs. So the higher the educational level, the higher the necessity for making sacrifices to cover education costs. And the older we are getting as we make these sacrifices.
Why not plan ahead?
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. The goal will be to cover future education costs. This can really make a difference in the longer term. It’s all about balance!
Start by looking at your own situation. Most people don’t need to borrow for primary education but the research showed that 20% have taken out loans to assist with secondary school costs. And this rises for third level.
You can use our Cost of College Education Calculator to work out the estimated costs of sending your children to college. This will give you a good idea of how much you might need to save each month to meet these college costs.
Simply get in touch with us! Our team of experienced and friendly financial advisers can guide you through the options available.