The total overall costs are estimated at €9,855 (primary), €12,736 (secondary) and €38,614 (third level).

Eoin Kennedy, Head of Products with Bank of Ireland Life said that "the best time to start saving for your children's education is from day one—when you start to receive the state children's allowance".

The survey also showed that 89% of parents feel pressured to contribute to the running of the school through sponsored events, with 69% of parents giving their children additional money for school supplies and fundraising events at least once a month.

Regular changes in the schoolbook curriculum also cause a big headache for parents looking to buy second-hand books, and in particular for those looking to save money by passing schoolbooks on to other siblings—51% of parents cited schoolbooks as the most unnecessarily expensive part of their children's education.

As another cost-saving measure, 62% of parents agreed that their children should wear their school uniform on communion and confirmation days in order to ease the financial pressure on parents.