One in three families struggle with back to school costs
With the end of the summer holidays looming, British parents are due to pay out over £1.9 billion to ensure their kids have everything they need for the new academic year, according to the latest research from Halifax.
With over two fifths (43%) of parents agreeing that they buy most items brand new at the start of the school year, this can be a very expensive time for many parents, with the average back to school cost per child at £190.26.
As a result, a third of parents (33%) say the cost of going back to school puts additional strain on their family finances, with almost two fifths (37%) admitting that they buy standard items from cheaper outlets to help cut the costs. Despite this, only one in five parents (20%) believe that uniforms are not worth the expense and would prefer that children wear their own clothes.
Where the money goes
The main outlay on brand new items is on school uniforms, with over two thirds (70%) of parents buying new ahead of the new school term, at an average cost of £68 per child. This is followed by around £40 spent on new shoes (67%), £35 on sportswear (49%) and £18 on a new school bag (48%).
The most expensive individual items are computers (£204.30) and mobile phones (£126.61), however only 10% of parents will be buying these new for this September.
State vs. Private
Parents who send their children to a private school are likely to pay almost double the amount on new school gear than those with children in state schools.
The average spend per child for a privately educated student is £348.44, compared to £183.13 for those at state schools. The biggest discrepancy between the two is the cost of school uniforms, which are over £60 more expensive on average at independent schools. Following that, private school parents are spending almost twice as much on shoes, around £75 compared to almost £40.
Anthony Warrington, director of Halifax Current Accounts, says: “Back to school time is traditionally expensive for parents, considering it also coincides with the long summer break, where costs can mount up entertaining children.
“It’s vital that parents keep track of their spending and make sure that paying for school equipment doesn’t leave them short-changed.”
Spreading the costs
The total spend on school items over the academic year is £263.98, meaning that almost 75% of this outlay is accounted for at the start of the school year.
Half of parents (50%) say they pay for this out of their current account, while one in four (25%) try to buy items when they need them to spread the cost throughout the year; over one in five (23%) will use their credit card. For those that use savings to fund the expense, one in five (19%) will save up specifically, and 15% will raid their savings pot.
Additional findings:
Parents in the south east will spend the most preparing their children for the new school year, £248.76, while those in Scotland spend the least, £136.32
Fathers are likely to spend more than mothers, £202.34 compared to £182.45 respectively.