Money Matters - 2023 Back-to-School Shopping Survey

 With back-to-school sales-tax holidays starting up, the personal-finance website WalletHub just released its 2023 Back-to-School Shopping Survey, along with 2023’s Best Credit Cards for Back-to-School Shopping and a Sales-Tax Holiday Calendar highlighting the best times to buy in each state.

Back-to-School Shopping Survey Key Findings

• School Affordability Crisis: 83% of parents say the cost of education is out of control.
   
• Surge in Back-to-School Expenses: Nearly 1 in 2 parents say they will spend more on back-to-school shopping this year compared to last year.
   
• Post-Graduation Debt Worries: Debt is parents’ #1 concern for their kids after graduation, and 76% more parents are concerned about it this year than last year.
   
• Call for Financial Literacy: 91% of parents think financial literacy should be part of the core curriculum.
   
• Doubts on School Efficiency: Almost 2 in 4 parents think taxpayers don’t get their money’s worth from public schools.
   
• Eager for Card Savings: 50% of parents say they would apply for a new credit card to save 5% on back-to-school shopping.
   
• Sales Tax Holidays: Held in 17 states at different times during July, August and September, sales tax holidays are offering savings of up to 7% on popular back-to-school items.
   
• Best Credit Card for Back-to-School Shopping: The Blue Cash Preferred® Card from American Express offers 6% back on up to $6,000 spent each year at U.S. supermarkets, where parents can purchase a lot of school supplies.

 
Q&A with WalletHub
 
How do parents feel about the cost of education?

“According to a new WalletHub survey, 83% of parents say the cost of education is out of control. People tend to quarrel most with the outrageous cost of private colleges and universities, though the problem affects all levels, from preschool to graduate programs, both public and private. For example, WalletHub’s survey also found that almost 2 in 4 parents think taxpayers don’t get their money’s worth from public schools,” said Jill Gonzalez, WalletHub analyst.
 
What concerns do parents have for their kids after graduation?

“Debt tops the list of concerns parents have for their kids after graduation, according to a new WalletHub survey, and 76% more parents are concerned about it this year than last year, perhaps due to higher interest rates and prolonged inflation,” said Jill Gonzalez, WalletHub analyst. “Trailing post-graduation debt among parental worries are things like the job market, inflation, and the political landscape.”
 
How can parents save money during back-to-school season?

“Nearly 1 in 2 parents say they will spend more on back-to-school shopping this year compared to last year, according to WalletHub’s new survey, but there are still plenty of ways to keep your back-to-school bill from getting out of hand. Shopping during sales tax holidays could save you up to 7% on popular back-to-school items, for example, and the best credit cards for back-to-school shopping can provide up to $250+ in savings on school supplies,” said Jill Gonzalez, WalletHub analyst. “Roughly 50% of parents say they would apply for a new credit card to save 5% on back-to-school shopping, and that’s easy to accomplish with some of the best cards.”  
 
 
How do parents feel about financial literacy?

“A new WalletHub survey found that 91% of parents think financial literacy should be part of the core curriculum. Most parents know they were not adequately prepared for financial independence, and they recognize the practical value of educating young people about responsible money management,” said Jill Gonzalez, WalletHub analyst. “Encouraging financial literacy is one curriculum-based issue that parents on both sides of the aisle can get behind.”