Year-on-year costs of education in Ireland

At Zurich we understand that planning for your children’s education is important to you. We have been carrying out research into the cost of education in Ireland since 2017 and from this research we have collected valuable data on the costs for primary, secondary and third level education. We have also garnered insights into how much parents spend on their children’s education, how they cover these costs and the factors influencing how much they save.

In addition, we have looked at other financial issues such as inflation and the rising cost of living and the impact that it has on adults and parents in Ireland.

In this article on the year-on-year costs of education in Ireland we will look at:

1. Overall educational costs
2. Primary education costs: 2019-2024
3. Secondary education costs: 2019-2024
4. College education costs: 2019-2024
5. The benefits of saving the monthly children’s allowance
6. Useful calculators and tools
7. Financial planning for your children’s future educational needs

Our research into the cost of education in Ireland shows that each year back-to-school costs are rising for families. The cost of putting just one child through school can quickly add up, but if you have two or more children, the long-term costs can be significant.

The Zurich Cost of Education in Ireland 2024 research* reveals that parents underestimate the cost of education compared with the actual cost. It is a similar trend in all the previous years’ research we have done with parents calculating the costs to be less than the final costs.

For example, in 2024, parents surveyed said they estimated the cost of primary education to be €1,412, but our research shows that that cost is actually €1,546. When it comes to secondary education costs, parents estimate it to be €2,281, but again our research reveals that cost to be higher at €3,088.

It’s a similar upward curve when it comes to third level with parents likely to underestimate the real cost of college education in Ireland. In 2024, third level students living at home can expect to spend on average €6,033 per academic year. If living in student accommodation, that increases to €11,067 and rises again to €16,100 if living in rented accommodation. To put that in contrast, college students living at home in 2019** spent €4,611, almost €1,500 in the difference compared to 2024.

Primary school education costs 2019-2024

Our 2024 research found that in primary school, the highest costs are lunches €333, school activities €246, and transport €228. When adding up all the figures, the total cost of eight years’ primary school education certainly adds up and comes in at an estimated €12,368.

As you can see from the graph below, the annual cost of primary education in Ireland has risen significantly from €823 in 2019 to €1,546 in 2024.

If we compare certain items such as lunches, we can see costs rising year-on-year. For example, in 2019 lunches cost €128 compared to €333 in 2024. Similarly, school activities in 2019 cost €176 compared to €246 this year, and transport has also increased from €61 in 2019 to €228 in 2024. While these costs might seem minor, they do add up especially when calculating the overall lifetime costs for primary education for one child.

Secondary school education costs 2019-2024

When it comes to secondary school costs, it comes as no surprise that grinds are the most sizeable expense, costing on average €912 per child per year in 2024. Grinds cost €360 in 2019 so a significant increase of over €500 when comparing this cost over the last six years. 

The move to secondary school also brings a greater number of other expenses in 2024 such as lunches (€374), transport (€326), books (€303) and clothing (€287). Six years ago, these costs were noticeably less with lunches (€200), transport (€171), books (€178) and clothing (€129).

When comparing the cost of secondary school in Ireland we can see from the graph below that the figure has increased by over €1,000 in six years.

In 2024, things like school trips (€279) and after school activities (€233) are certainly adding to the costs for parents of secondary school children, but in 2019 these expenses were lower with trips costing €198 and after school activities costing €133.

The overall annual cost for one child in secondary education in 2024 is €3,090 but in 2019 it was €1,735. To put that into context, the lifetime cost of one child in secondary school in 2019 was €10,410 but that has risen significantly in 2024 to an estimated €18,525.

College education costs 2019-2024

The Zurich Cost of Education research reveals the costs for college students living at home and in rented or student accommodation.

In 2024, the majority (64%) of students studying at college, currently live at home which comes as no surprise given the high cost for accommodation for students. Parents of third level students estimated it costs them €9,511, to send their child to third level. Although the cost per child for those living at home is €6,033, if a child is in student or rented accommodation, the costs are likely to be much higher as illustrated below.

Although the costs for students living at home haven’t increased significantly since 2019, the same could not be said for the cost increases when it comes to students living in rented accommodation. In 2024, the average annual cost for rented accommodation for students was €10,067. However, in 2019 rented accommodation cost on average €8,361.

Another visible increase is in the amount of financial support parents provide to their children while in college. In 2019 parents financial support to one child during the academic year amounted to €1,980, but in 2024 that amount has increased to €2,331 – most likely due to the increase in the cost of living.

Another interesting insight from our cost comparisons research shows that in 2019, 56% of students used public transport when travelling to and from college. The average spend on transport costs throughout the academic year was €315. In 2024, the most popular mode of transport for third level students is still public transport (60%) and by car (39%). The average cost this year is €550, up €235 from 2019.

In 2024, almost 3 in 5 think their child is under financial strain in college. A part-time job is the top way that third level students mitigate against financial strain with 66% of parents stating that their child has a job as well as attending college. In 2019, 71% of parents surveyed said that their child had a job as well as attending college. Again, the need for students to have a job while attending college is likely due to the cost of living increases and the increasing cost of college in general.

Future goal to attend college

As part of our research into the cost of education in Ireland in 2024, we asked parents would they like their children to enroll in third level education when the time comes? 90% of parents with children in primary or secondary school said yes, they would like their children to go onto third level education.

For parents without a child in third level education, the estimated cost for one child in college for one year is €10,474. However, as seen from the figures already mentioned in this article, the cost of college education can in fact be much higher than this depending on a child’s accommodation costs while in college.

The good news is that 40% of parents are already saving for their child’s potential third level education. And almost 1 in 4 of parents with a savings plan for their child’s future third level education, started saving when their child was born.

What are parents using the child benefit payment for?

Child benefit is a payment parents receive each month and amounts to €140 per child per month*** regardless of income or means.

When we carried out our research into the cost of education in Ireland, we asked parents what do they do with the child benefit each month?

For primary school parents, 50% use the child benefit for day-to-day child costs. 38% use it for household outgoings, and just over 1 in 4 save it.

When the same question was put to secondary school parents, 59% said household outgoings is the top use for the child benefit for parents of secondary school students, while 21% save the child benefit, compared to 26% of primary parents.

This table shows what parents of primary and secondary school children do with the child benefit:

*This question was a multiple choice question, therefore respondents to this survey question could choose more than one use for the child benefit they received. 

This table highlights that a college fund is the most common use of child benefit savings:

*This question was a multiple choice question, therefore respondents to this survey question could choose more than one use for the money they saved from the child benefit they received. 

Saving the child benefit

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?

With a Zurich Regular Savings plan you can gradually build up the funds necessary to support your children’s education.

The table below illustrates just how much regular savings can grow with a Zurich LifeSave Savings Plus plan. For example, if you saved the Government child benefit of €140 per month for five years (as of August 2024) in the Prisma 4 fund from when your child was born, by the time they started school you could have built up savings of €8,784 in time to fund this crucial stage in their education.

Useful calculators and tools

As seen from our research over the years, the cost of education in Ireland is increasing year-on-year.  Therefore, it’s important that parents take early proactive steps for their children’s future education. By thinking ahead, parents can effectively fund for and manage education costs. Despite the challenges of the high cost of living and education costs, we have seen from our research over the years that parents are steadfast in their commitment to providing quality education for their children.

At Zurich, we want to help you plan for your children’s future educational needs. We have lots of tools you can use to help plan ahead. For example, our Cost of Secondary School Calculator is a tool that helps you work out how much you need to save to cover the costs of putting children through secondary school and our Cost of College Education Calculator will show you the estimated costs of sending your children to college so you can see how much you might need to save each month to meet these college costs.

You can also use our Cost of Education Benchmarking Tool to see how education costs compare and pinpoint where savings could be made. Alternatively, why not try our Financial Health Check for more insights into your overall financial wellbeing?

Sources:

*Zurich Cost of Education Survey 2024 conducted by iReach Insights.

**Zurich Cost of Education Survey 2019 conducted by iReach Insights.

***Citizens Information: Child benefit

The information contained herein is based on Zurich Life’s understanding of current Revenue practice as at August 2024 and may change in the future.