Does back to school rhyme with ordeal? For nearly three quarters of parents, this event is in any case a source of stress, mainly because of the financial expenses it generates. That’s according to a new survey.
Yes, we know… summer isn’t quite over yet! While some people have just gone on vacation, many parents are already rushing to supermarket shelves to stock up on school supplies. Back to school is fast approaching. And the least we can say is that serenity does not seem to go hand in hand with this event for parents. According to a new survey by online broker Yomoni, more than 89% say they feel “stressed” and 79% of them say they feel the effect of inflation on their school supplies budget. So much so that 74% of French people believe that they will have to dig into their annual savings to buy back-to-school supplies, which include clothing, computer tools and any other expense associated with back-to-school.
Between 300 and 500 euros of expenses
Among the 958 parents questioned as part of the survey, the start of the school year is synonymous with “heavy spending” for 57% and “medium spending” for 37% of them. Logically, the budget varies according to the age and school level of the child(ren). For a toddler in kindergarten, parents estimate, for example, that they will have to spend between 200 and 300 euros. And the bill climbs quickly from college: for 35% of the families questioned, the envelope allocated to back-to-school expenses would vary between 300 and 400 euros and, in high school, between 400 and 500 euros for 41% of respondents. But the young people who go to the university course break all records, with a budget of between 1,000 and 1,500 euros according to more than 43% of the parents concerned! According to the responses of the respondents, purchases related to computer equipment (computer, telephone) are those that weigh the most in the balance. They would represent 48% of expenditure, against 38% for conventional school supplies.
Some economical alternatives
To reduce expenses as much as possible, parents intend to opt for the traditional trick of promotions (41%). But a third of them think they will rather turn to recycling or second-hand: 32% of parents will use the things they already have, such as those from the previous year or already in their possession, and 16% think of buying used products. Conversely, only 11% intend to invest in new, high-end equipment. The survey also reveals that parents seem particularly enthusiastic about instilling financial education at an early age. To the question, “should we learn at school to manage our expenses, finances and money in general?”, respondents answer “yes” to 87%, and 72% say they are “totally convinced”!
*Survey conducted online between July 27 and August 2, 2023 with a representative sample of 958 parents of children aged 3 to 18.