Back to school costs stressing parents – study

Back to school costs stressing parents – study

A new study shows that more than 60% of Aussie parents admit to feeling stressed in the lead up to the new school year.

The 2018 Heritage Bank Back to School Survey, released on Tuesday, surveyed more than 1,500 parents from across Australia who shared insights about the cost of preparing their children for the new school year.

According to the survey, Aussie parents are spending $476 per child on back-to-school-costs on average. Across the states, the hip pockets of Victorian parents are hit the hardest at around $553 per child, followed by Queensland parents at $487. Meanwhile, parents in NSW are spending the least, averaging $430 per child.

The highest costs were for school uniforms ($167) and books ($117), with sports and musical equipment ($87) rounding out the top three.

Interestingly, the survey also uncovered boys are on average more expensive than girls to spend back to school. The biggest impact came from extracurricular activities – with music and sporting equipment costing around $12 more for boys.

“The cost of sending kids to back to school can add up very quickly,” Heritage Bank CEO, Peter Lock, said.

“Not only are there the initial costs of uniforms, bags, books, stationery and school fees, but also ongoing expenses like lunches and transport – it’s no wonder a lot of parents are feeling the pinch.”

Lock said that besides providing some good insights, the survey was also a great prompt to encourage parents to look at ways to save money not only for the start of school, but all year round.

“Whether it’s something as simple reusing items you may already own, only buying the essentials, or keeping an eye out for sales throughout the year, it’s important to factor school spending into your overall budget to help lessen some of the financial pressure.”