Back to school expenses cost parents nearly £300
Equifax survey reveals the cost of keeping kids equipped for the start of term
The cost of new uniforms, sports gear, equipment and school trips mounted up for parents sending their kids back to school this September. According to the latest survey* from credit information expert, Equifax, parents pay on average £296.82 to kit their child out for the new academic year at school. Planning ahead and budgeting for the start of school is the best way to reduce the financial strain, urges Equifax.
Equifax asked parents of children between the age of 8 and 16 years old how much money they spent on school uniform, sports equipment, school bags, stationery, books, including technology, such as tablets and phones.
The new research found that parents of junior school children spend more to kit them out for the new term than those of secondary school children, before taking into account money spent on technology. Junior school children cost on average £160.25 compared to £154.72 for secondary school children. Parents spend slightly more on uniforms for girls (£178.05) aged 8-11, than they do on boys (£145.49) of the same age, but this evens out as they get older. London parents spend the most on school uniform £175.11 compared to Wales spending the least £118.15
When it comes to technology, such as tablets and laptops, parents spend on average an additional £142.14 on top of other back to school costs. In London, parents also spend the most on gadgets, £178 compared to just £123.44 in the Midlands. Once again, girls aged 8-11 years old have the most spent on them at £180, compared to just £115 for boys of the same age or £142.13 for teenagers.
“It’s clear from our survey that sending the kids back to school can be an expensive endeavour,” explains Lisa Hardstaff, Equifax credit information expert. “On top of school uniforms, parents are also investing in technology, such as tablets, which can be a strain on household finances.
“It’s always a good idea to set aside savings over the year to take the sting out of the back to school expenses. Parents should also factor in additional costs, such as school trips and make it part of their budgeting plan to ensure their kids get the most out of their year ahead.”
*1,588 respondents (including: 585 parents of children aged 8-11, 697 parents of children aged 12-16 and 585 children aged 8-11)
Equifax powers the financial future of individuals and organizations around the world. Using the combined strength of unique trusted data, technology and innovative analytics, Equifax has grown from a consumer credit company into a leading provider of insights and knowledge that helps its customers make informed decisions. The company organizes, assimilates and analyzes data on more than 820 million consumers and more than 91 million businesses worldwide, and its databases include employee data contributed from more than 5,000 employers.
Headquartered in Atlanta, Ga., Equifax operates or has investments in 24 countries in North America, Central and South America, Europe and the Asia Pacific region. It is a member of Standard & Poor's (S&P) 500® Index, and its common stock is traded on the New York Stock Exchange (NYSE) under the symbol EFX. Equifax employs approximately 9,200 employees worldwide.
Some noteworthy achievements for the company include: Ranked 13 on the American Banker FinTech Forward list (2015); named a Top Technology Provider on the FinTech 100 list (2004-2015); named an InformationWeek Elite 100 Winner (2014-2015); named a Top Workplace by Atlanta Journal Constitution (2013-2015); named one of Fortune’s World’s Most Admired Companies (2011-2015); named one of Forbes’ World’s 100 Most Innovative Companies (2015). For more information, visit www.equifax.com
Equifax Limited is one of the Equifax group companies based in the UK.
Equifax Limited is authorised and regulated by the Financial Conduct Authority.