Saving for their future, protecting the plan

Every June, when the schools close for summer, September feels years away. It’s August now and summer seems to be flying by. Then again, so does time in general.

I have two teenage children. It doesn't feel that long ago that I was packing school bags for primary school. Today, we're talking about college courses, and the next stage of their lives. College, which once felt years away, is now firmly on the horizon.

Like many parents across Ireland, I'm balancing the cost of today's education needs with the desire to save for future opportunities. Expenses seem to grow each year, and the prospect of college brings additional costs such as accommodation, transport, books and everyday living expenses.

When we talk about education planning, the focus is often on building savings. Yet the income that funds those savings is just as important. Protecting that income may be one of the most valuable steps parents can take to help secure their children's future.

In an increasingly uncertain world, financial planning can play a critical role in ensuring that a family's educational goals remain achievable, even when life doesn't go according to plan.

The financial reality of supporting your children's ambitions

As parents, we all want to support our children's ambitions, whether that means helping them pursue a degree, an apprenticeship or another path that sets them up for the future. However, the financial reality of doing so can be challenging.

Zurich's latest Cost of Education research highlights just how significant these costs have become. The average annual cost of sending a child to college is €14,451, rising to almost €58,000 over a typical four-year course_1. While many parents with children heading towards third-level education initially focus on tuition fees, the cost of accommodation can become an even greater financial burden.

Where a student lives has a major impact on overall costs. Zurich's research found that the average annual cost for a student living at home is €6,846, compared with €14,451 for those in student accommodation and €15,785 for those renting privately. Accommodation alone can cost between €7,605 and €8,939 per year, making it one of the most significant expenses families face₁.

The research also shows that parents often underestimate the true cost of third-level education. Beyond fees and accommodation, there are additional expenses such as transport, books, food and day-to-day living costs. Parents contribute an average of €2,457 in additional financial support to their children while they are in third-level education₁.

For families already balancing mortgages or rental payments, household bills and everyday expenses, these figures are a stark reminder that education is one of the largest long-term financial commitments many parents will ever make. Planning ahead is essential, but so too is protecting the income that makes those plans achievable in the first place.

Saving for their future

Faced with the rising cost of education, it's no surprise that many parents are taking steps to build a savings fund for their children's future. The earlier families start saving, the more opportunity they have to build a financial cushion that can help meet the costs of education when the time comes.

Options such as a Regular Savings plan or a Child Savings plan can help parents, grandparents and other family members put money aside on a consistent basis towards future educational expenses. Over time, these contributions can build a valuable fund to help cover school, college and accommodation costs when they arise.

However, saving is only part of the equation. Families may spend years putting money aside for future education costs, but those plans often depend on one or two incomes continuing uninterrupted for the next 10, 15 or even 20 years. The challenge is not simply saving for education; it is ensuring those savings plans can withstand life's unexpected events. After all, the ability to achieve these goals is often built on a family's ability to earn an income.

This is why savings and protection should never be viewed in isolation. Savings can help fund future opportunities, while protection helps ensure those plans remain on track if illness, injury or death affects a family's financial circumstances.

Protecting the plan

Saving for a child's future is an important financial goal, but every savings plan relies on one critical factor: income. Whether it is meeting today's school expenses, contributing to a child savings plan or helping to fund third-level education, the ability to earn an income is often the foundation upon which these plans are built.

Education costs do not disappear if a parent becomes unable to work due to illness or injury, nor do they disappear in the event of a premature death. This is where financial planning becomes essential. While savings help create opportunities for the future, protection products help safeguard those opportunities when life takes an unexpected turn. Income Protection can help replace earnings if illness or injury prevents someone from working, while Term Life Cover can provide a financial safety net for loved ones if a parent is no longer there to support them.

It is useful to think of this as a way of building financial resilience. These covers can be viewed as an insurance policy for your financial plan, which I think is a helpful way to look at them.

With college now only a couple of years away for my children, I am very aware that the window to prepare is getting smaller. Like many parents, I hope to give my children every opportunity to pursue their ambitions. Saving can help create those opportunities, but protecting the income that supports them can help ensure they are not lost if life takes an unexpected turn.

Source: ₁Zurich, The Cost of Education in Ireland, 2026