Primary education costs add up

Starting primary school is a big milestone for children. There are a few items children need in primary school, so knowing how much each item costs can help you budget and manage those outgoings.

In order to gain a better understanding and help parents with back to school costs, Zurich conducted research to reveal the true cost of sending children to school. The Zurich Cost of Education Survey 2021* found the average cost of sending a child to primary school each year is €1,305 up from €1,010 last year. When adding up all the figures, the total cost of eight years' primary school education certainly adds up and comes in at an estimated €10,440.

Our research report into the cost of sending a child to primary school also found that parents often underestimate the actual cost.

In addition to the obvious expenses associated with sending children to school, there are other hidden costs. The research found that in primary school, the highest costs are lunches €312, books €176, transport €149 and clothing €123. 

Budgeting

It is not surprising to learn that because the cost of education for children is so high, parents try to find ways to budget and manage their finances. 

The majority of primary school children (70%) are primarily required to use hard copies of books. Primary schools offered a book rental scheme for 58% of children and the majority of parents availed of this initiative. In addition, parents said they would like to see more widespread use of laptops, iPads and eReaders in an effort to reduce the cost of books.

Looking specifically at parents' saving behaviour, the Zurich Cost of Education research found that parents that have a savings account say their top saving priority is to cover their children's education costs.  

Saving for a child’s future

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 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 July 2021) from when your child was born, by the time they started school you could have built up savings of €8,587 in time to fund this crucial stage in their education.

*Source: Zurich Cost of Education Survey 2021