According to a recent survey conducted by Ledger, more than sixty percent (60%) of Canadian parents are worried about the increase in expenses, which comes with the beginning of the school year.
The month leading up to the beginning of the school year is one of the hardest in terms of finances. Many families who responded to the survey state that the family budget is usually severely affected by back-to-school costs.
What is even more worrying is that more than forty percent of respondents claim that they could not afford to buy everything their children need for the beginning of the school year. According to the survey, families with yearly income below eighty thousand dollars (USD 80,000) are the ones most likely to be unprepared for school-related expenses.
Back-to-school costs around the world
The beginning of the school year is a financially challenging period. Parents in the United Kingdom, much like those in Canada, have expressed concerns about their ability to cover back-to-school costs.
One of the main problems ahead of parents in the United Kingdom is the high price of school uniforms. Not only that, but many families report that they are having financial difficulty throughout the whole summer, as expenses for food and entertainment rise when children are not in school.
Canada and the United Kingdom are just two examples of a common trend occurring all over the world – with the start of the school year family budgets plunge into a crisis. Considering this, many families start preparations for the beginning of school months in advance, to make sure that students receive all the support they need to begin learning after the summer.
