Back to school nerves set in for parents

Children are not the only ones with butterflies ahead of the new school year, as 44 per cent of parents admit they feel the need to buy their children new back to school items to keep up with other parents. Playground peer pressure also plays a part, with a similar number (46 per cent) of parents confessing they buy the latest items so their children have the ‘right' gadgets in the playground, according to new research launched today by American Express

With the UK's ‘back to school' bill totalling more than £1.3 billion - £189 per child - the burden of meeting this cost takes its toll as over half (55 per cent) of parents worry about how they will afford to buy all the items their children need.
 
However, despite their worries, just one in five parents prepare for this annual outlay by saving up while 41 per cent absorb the cost into their normal monthly outgoings. Although two thirds (67 per cent) of parents do set a budget for school items, one in three (35 per cent) overstep their allocated amount and spend more than they plan to.

Nicholas Stefanovitz, Vice President of Consumer Card Acquisition UK at American Express, said:  "It's clear from our research that some parents may be feeling the financial strain of getting the kids ready for the new school term. However, to help ease the burden savvy parents should think about putting any spend on credit cards that offer rewards or cashback on everyday spending. On average, our Cardmembers save £137 a year, which could be put towards additional school costs throughout the academic year."
 
Dads are the cheapest school shoppers, spending an average of £177 per child, compared to Mums who spend £210. Parents in London, the West Midlands and Scotland splash out the most, spending £228, £186 and £179 respectively, while those from the South East prove top cost cutters spending £66 less than Londoners (£162).

American Express has a range of credit and charge cards that offer benefits including cashback, Avios points, Nectar points and Membership Rewards that can be put towards school items, as well as leisure, travel and retail treats. For more information or to apply for an American Express Credit Card visit: americanexpress.com/uk.