Believe it or not, kids are already going back to school in some parts of the country, and getting them ready for it is taking a bite out of a lot of parents’ wallets. You might have even seen some places doing the teacher’s wish list gifting to help out but a new study does show that parents are going into debt over the ordeal.
A new LendingTree survey finds:
The average parent expects back-to-school shopping will set them back $498, up from $478 last year. 29% say they are unable to afford their kids’ supplies this year. In fact, 33% of parents expect to go into debt due to back-to-school shopping. That number goes up to 42% for parents whose kids will experience hybrid learning and 35% for virtual learning.
- As for what parents will be purchasing for their kids this year, the top items include:
- Clothing (83%)
- School supplies (77%)
- Shoes (75%)
- Backpacks (64%)
- Hand sanitizer (62%)
- Facemasks (56%)
- Textbooks (34%)
- Electronics (32%)
One of the reasons costs are higher may be due to the new pandemic-related supplies their kids will need.
- 35% of parents say their kid’s school added pandemic-related supplies to this year’s list, including:
- Hand sanitizer
- Cleaning supplies
- Laptops
Source: LendingTree
