Research released last week revealed that the essentials associated with putting a child through the education system can add up to €60,000 or more.

The survey—by Bank of Ireland Life in association with online parent resource Schooldays.ie—revealed that 98%of parents find back-to-school' time expensive with the average spend at around €376 per child.

It also showed that 89% of parents believe that the monthly children's allowance of €166 per child is insufficient to meet these expenses; three quarters of parents believe that the Back to School Allowance which is currently means-tested by the Government should be made available to all parents and 67% of parents spend their children's allowance in the month they receive it.

The research showed that three quarters of parents believe that transition year in secondary school is the most expensive second level year for parents with 59% saying that it should be optional while nearly half of parents say that third level education costs are the most expensive years and 51% of parents think that schoolbooks are the most unnecessarily expensive part of their children's education.

The research also revealed that 71% of parents think that the best time to start saving for their children's education costs is before they are four years old and of the 35% of parents who save their children's allowance, 55% use a deposit savings account while 45% use a long-term investment plan to save this money.

Bank of Ireland Life estimates that the annual expenditure for primary school books is €123 with the secondary school and third level bills increasing to €169 and €504.

Uniform, sports gear and shoes cost €125 (primary), €317 (secondary) and €756 (third level).

Annual lunch fees cost €610 (primary), €1,152 (secondary) and €1,071 (third level). Fees and voluntary contributions cost €132 (primary), €244 (secondary) and €3,467 (third level) while transport ranges from €240 to €525 and accommodation at third level costs an average of €3,330.

Transport 240.50 (primary), 240.50 (secondary) 525.00 (third level).