Back-to-school uniform costs stretches parents' budgets to their limit

More than one in four parents find themselves in debt because of back-to-school costs, according to the Irish League of Credit Unions (ILCU)'s 2024 Back to School survey. The study included 716 parents and was carried out by i-Reach in June this year. 

The survey revealed that, while most parents pay for back-to-school supplies using their existing savings or income, 28% rely on debt.  For those parents, the average debt for school supplies was €368. This was a €62 rise from last year with 32% of indebted parents owing more than €500 for school supply costs. 

Some 19% of parents paid for the back-to-school supplies with a credit card, according to the survey. A missed or late payment on a credit card is likely to incur credit card higher-than-average interest rates, thus increasing the debt burden. 

Many indebted parents turn to Buy Now Pay Later (BNPL) schemes to cover these costs. Again, they are likely to be at a higher interest rate than a bank overdraft.

The study estimated that, this year, total back-to-school expenses came up to about €1,086 per primary school child on average, whereas for secondary school children, this shot up to €1,401 per child. While primary school parents saw a welcome decrease of €66 per child, for parents with secondary school children, this was a €113 rise. 

However, it's not always only the parents spending on back-to-school supplies, with several teachers also having to spend on buying classroom supplies, in order to make sure children are happy, engaged and comfortable while learning. This trend is usually seen in more deprived areas, where parents may struggle more.  

Regarding the findings of the ILCU survey, David Malone, the chief executive officer (CEO) of the ILCU said on the website: