While the average cost of sending a child to primary and secondary school might seem high, the expenses associated with third level education are in a completely different ballpark.
All 'free-fees' third level institutions charge a mandatory student contribution the maximum rate for 2018-2019 is €3,000 per year.
Unfortunately, this student contribution is just one of the costs likely to be incurred. Add to this the increase in travel expenses and the rising cost of rent for students living away from home, and you can see how quickly the cost of putting your child through third level education can add up.
The Zurich Cost of Education Survey 2018 found that when it comes to third level, unsurprisingly accommodation represents a substantial average annual cost.
In 2018, 54% of college students are living at home but the number of students living in rented accommodation has almost doubled from 16% last year compared to 29% this year.
There is a dramatic increase in the average spend for student accommodation from €2,628 to €3,442 but the biggest increases is in the rental sector where students can expect to pay between €3,000 and €4,000 on rent during the academic year.
In the most recent college year, 53% of parents said their children’s college fees were between €2,000 and €4,000 – up 10% compared to 2017. The average spend on third level fees went up noticeably from €2,066 to €2,419..
Another noticeably shift is in the mode of transport that third level students are using. Students have switched their main modes of transport to college from cars and cycling to using public transport and walking. It’s not surprising that students are trying to cut transport costs given that the number of third level students spending €900+ on transport has nearly doubled and the average spend on transport to college has increased from €258 to €303.
It's clear to see that the cost of education is high and increases over the years. So, wouldn't it make sense to plan ahead and build up your savings year-on-year?.
The table above illustrates just how much regular savings can grow with a Zurich Easy Access Savings plan. For example, if you saved the Government child benefit of €140 per month for five years (as of June 2018) from when your child was born, by the time they started school you could have built up savings of €8,705 in time to fund this crucial stage in their education.
*Source: Zurich Cost of Education Survey 2018