28th August 2015
Getting the children back to school costs parents on average £164, and 6.5% more than last year.
After spending on average £5,161 over the summer holidays on childcare and activities, the cost doesn’t stop as parents have to shell out another £164 to kit their children out for a new school term.
Research by Confused.com has found the cost of school supplies has risen 6.5% since last year and one in 10 Britons spend £301 or more kitting out their children for school.
A total of 68% of parents are buying items like school uniform and equipment from new and the costs can quickly mount up. It’s a particularly expensive time for parents who want to kit their children out with the latest technology. Nearly one in 10, 9%, of parents said they will buy their child a new mobile phone, and the same number will buy a tablet. The same figure again will buy a laptop for their child.
With the cost of technology it is no surprise that half of parents believe they have spent more money this year sending their children back to school than they did last year.
For 12% of parents the cost of the new school supplies is a worry and the spending doesn’t just stop at back-to-school supplies as there is still lunch money, bus fares and school clubs, costing an average of £201 a term, to factor in.
Almost a third of parents, 29%, said they will put these expenses on their credit card and another 8% do not know how they will cover the cost of sending their children back to school.
Nerys Lewis, head of credit cards at Confused.com, said: ‘The summer months seem an expensive time for parents, not only are they covering the costs of their child’s entertainment, but also having to cover the expense of kitting them out for school.
‘And worryingly parents are feeling the pressure of these financial burdens, and using whatever means possible to pay these expenses. So it’s understandable that many parents are turning to their credit cards to help fund these days out, or pay for their child’s uniform. And while this isn’t necessarily a bad thing, we want to make sure people are using the right type of credit card for their individual needs.’
She added that with 250 credit cards available in the UK there are a number of options.
‘If you’ve overspent and need to move some money to a new card, there are some offering up to three years interest free on transfers, or if you’ve still got things to buy, you can benefit from some of the cards that now offer up to 25 months interest free on purchases.’