According to research results announced by Hibernian Life & Pensions, the beginning of new school year in Ireland marks the beginning of a 13 year spending spree for parents of children in primary and secondary education.
According to the research the average non fee cost for their childâ€™s education in 2006 is â‚¬579 at primary level education and rises to â‚¬970 at secondary school. The average estimated non fee cost for those who go on to third level education is â‚¬4,626 per year.
The results of this research would suggest that the cost parents face when supporting a child in full time education would be â‚¬27,986 by the time the child graduates. Costs were estimated by parents according to what common items they have to buy for their children, mainly clothes but also of course, books.
Gareth McQuillan, director of product development and marketing, Hibernian Life & Pensions said in a statement: â€œOur research shows that the cost of sending a child to school or college can be a significant strain on a familyâ€™s budget, especially for families with two or more children. Getting into the savings habit when their child first starts going to school though should alleviate some of the cost of education for parents, at least at third level.â€
â€œWe estimate that the cost of a four year college degree in 2019 will be around â‚¬31,000 adjusting for inflation. The good news for parents though is that by investing â‚¬124.00 per month, they should be in a better position to fund their five year through college when the time comes.â€