The cost of education may come as a big surprise to many parents. How much, for example, does it cost to send two children to a semi-private school for six years and to university for four years? Moneywise's Mr Alan Morton was asked the same question by clients recently and was astounded by the figures revealed by his research. It is not £20,000 or £40,000 but £70,000, he says.

"In order to cover this future liability, a couple with a three-ear-old and a six-year-old would need to save over £200 per month to cover the full cost," says Mr Morton.

The £70,000 figure is based on school fees of £2,000 per annum from age 12 to 18 and third-level costs of £3,000 from age 18 to 22. These estimates are in today's values, so an increase of 3 per cent per annum in fees is anticipated.

Some doubt surrounds the continuation of free third-level education so costs may rise even further in the future. Mr Morton believes even those just planning to have children should start a school-fees education plan.