Money Matters - Back-to-School Shopping and Debt

 

Kids are getting ready to return to the classroom, and back-to-school shopping is in full swing. But this year's shopping season may be more difficult than others, and a new report reveals that 36% of parents say it’ll be difficult to afford school supplies in 2024. 

A new study of 1,000 parents discovers how they handle back-to-school shopping and managing budgets. The average amount parents have budgeted is $521, but their actual spending this year will be closer to $900, with parents underestimating their back-to-school expenditures by $373.

• 42% anticipate spending more this year, and 44% will plan their shopping around retailer events and sales
• 1 in 6 predict they’ll have debt from buying back-to-school items, 27% have gone into debt in previous years
• 54% of mothers will primarily do back-to-school shopping in 2024, 12% of fathers 

This year's top concern among 83% of parents is rising prices for back-to-school supplies, ranging from notebooks and binders to clothing, shoes, and gear. Another 42% say they’re worried about the availability of items. 

For more back-to-school shopping insights and how parents plan on tackling their shopping lists (74% will do the majority online), take a look at the full report.