Educating child costs €38,800 - bank

It costs €38,800 to educate a child to tertiary level with parents picking up most of the tab, new research says.

It costs €38,800 to educate a child to tertiary level with parents picking up most of the tab, new research says.

Research released today by the Bank of Ireland (B of I) found €38,800 is the average cost faced by parents who educate a child to tertiary level, using the public school system.

B of I estimates primary education costs €500 per year, including expenditure on books, uniforms, and extra-curricular activities, adding up to €4,000 over eight years.

Costs increase for secondary education, which parents surveyed said was the most expensive.

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Research showed that essentials for children in secondary school were no longer confined to just school uniforms, books, and lunch money but now include extra curricular activities such as modern dance, soccer camps and trips abroad. The bank estimated this cost €800 per year, adding-up to €4,800 over six years.

Despite the abolition of fees at third level, the Higher Education Authority research shows that 64 per cent of students rely heavily on their parents for financial assistance during their college years.

The research estimated that a child's third-level education bill, including accommodation costs, would tally €7,500 a year, equating to €30,000 over four years.

The bank's research also found that 31 per cent of parents have a deposit account for their children's education.