Breaking the bank: Study shows parents feel pressured to spend more for back-to-school

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Heading back-to-school can not only be stressful for the kids, but it also causes stress on their parents’ budget.

According to the National Retail Federation, families with children in elementary school through high school plan to spend an average of $696.70 for the upcoming school year. From clothes to supplies, the cost tops the previous record of $687.72  in 2017.

Families with college students are forecasted to spend just under $980.00 which is more than the previous record of $969.88.

The NYPost reported, the National Retail Federation surveyed parents on their back-to-school expenses and discovered for families with kids K-12 they will spend roughly $239.82 for clothing, $203.44 for electronics, $135.96 for shoes and $117.49 for supplies.

Parents also said they feel pressured to overspend when sending their kids back-to-school.

We want to know what you think. How is back-to-school shopping impacting your budget? Click here to join the discussion on our Facebook page.

 

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