Many parents believe schools are asking for too much during back-to-school shopping.

Many parents are experiencing financial stress as the new school year approaches.

According to a recent survey by WalletHub, over three-quarters of parents, or 70%, feel that schools are requesting excessive purchases during the back-to-school period.

The study also revealed that 86% of parents believe that education costs are spiraling out of control.

Additionally, a majority of parents (52%) anticipate spending more on back-to-school items this year compared to the previous year.

“When comparing this year’s back-to-school survey with last year’s, several significant changes have emerged,” mentioned WalletHub analyst Cassandra Happe in an email to USA TODAY.

“One notable shift was the heightened concern among parents about education costs,” she noted, highlighting that 77% of parents are willing to take on debt for their child’s education, an increase from 72% the previous year.

Anticipated Back-to-School Expenditure of $38.8 Billion

Families with children in elementary through high school are expected to spend an average of $874.68 on school supplies, clothing, electronics, and footwear, as per the National Retail Federation and Prosper Insights & Analytics’ annual survey. This amount is $15 lower than last year’s $890.07 but marks the second-highest expenditure in the survey’s history.

The total back-to-school expenditure is projected to total $38.8 billion, ranking as the second-highest on record following last year’s high of $41.5 billion, according to the NRF.

The primary shopping destinations for back-to-school items include online stores (57%), department stores (50%), discount stores (47%), specialty clothing stores (42%), and electronics retailers (23%).

College students and their families are expected to spend an average of $1,364.75, with the total college back-to-school expenditure projected at $86.6 billion, the second-highest after last year’s $94 billion.

Key Insights from the Survey

Here are some additional significant findings from the WalletHub study:

• Enhanced Financial Literacy: 95% of parents advocate for financial literacy to be a core part of school curricula, up from 91% in the previous survey.
• Seeking Discounts: 33% of parents rely on coupons as the primary method to save on back-to-school shopping, followed by applying for a new credit card (29%) and taking advantage of sales tax holidays in 17 states in July and August (19%).
•  Educational Value: 77% of respondents believe that their child’s education justifies going into debt.
• Shopping Preferences: Participants are evenly split, with 53% favoring local shopping for the best deals and 47% preferring online shopping.

Tax-Free Shopping:Explore the list of 17 states offering back-to-school sales tax holidays in 2024.

“These results highlight the increased financial strain on families during the back-to-school season and emphasize the need for educational reforms to tackle these economic challenges,” emphasized Happe, summarizing the survey findings.

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