Parents will spend an average of £164 on purchases for children starting the new school year, according to research by Confused.com.
The survey, compiled for Confused, asked 2,000 parents about their school expenditure and found that the average parent will see a 6.5% increase in prices when compared with the 2014/15 school year.
This rise in prices will compound the already high rate of expenditure most parents face during the summer holidays, with the average parent spending £5161 on childcare and activities.
The most commonly-bought items are:
- books (75%)
- pencil cases (71%)
- lunch boxes (60%)
- calculators (43%)
- smart phones (24%).
1 in 10 parents have spent more than £301 on buying essentials for the children’s new school term, with 68% of parents deciding to buy the items from new.
Nerys Lewis, head of credit cards, 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.
“With over 250 credit cards available in the UK, there are lots 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.”
Do you have children about to start the new school year? Contact us to discuss planning your personal finances.
