Students are going back to school, and a new report reveals 36% of parents say it’ll be difficult to afford supplies this year.
Cardrates.com asked 1,000 parents about how they’re handling back to school shopping budgets. The average parent estimates their budget at around $500, but when they break things down, it’s closer to $900 — a 52% increase from than their initial guess.
For the 61% of parents surveyed who have a budget, many are anticipating increased spending and financial concerns in 2024:
- 42% anticipate spending more this year, and 44% will plan their shopping around retailer events and sales
- 2 in 3 started shopping in July, while 27% will wait until the first two weeks of August
- Nearly 1 in 4 parents say they’ve gone into debt in prior years, and 1 in 6 predict they’ll have debt from buying back-to-school items for their kids in 2024
The top concern among 83% of parents this year 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.
