PARENTS WILL SPEND over €400 per child on back to school supplies, putting 32% of parents in debt.
That is the finding of a survey by the Irish League of Credit Unions.
Just a week after the school year ended, many parents will be fretting about the cost of books, supplies and uniforms, the survey found.
Parents said that they believe uniforms and school clothing are the most expensive items to purchase for their children going back to school.
Parents of primary school children are spending an average of €166 per child on uniforms and secondary school parents are spending an average of €258.
Books are the second most expensive item on the list with parents shelling out €106 on books for primary school books and €213 for those in secondary. A third of parents said that they will borrow to cover the cost of sending their kids back to school, borrowing an average of €360.
Those costs have a knock-on in many homes, with 70% of people saying they had sacrificed a holiday or summer camps for their children.
Founder of the Irish Financial Review, Frank Conway said that people should limit going into debt, where possible.
Costs can run into thousands and for some families, the only way of closing the financial gap is through debt including the use of moneylenders.
“Where debt is used, the cost of items, including school uniforms can double when expensive interest charges are factored in. The best option is to limit debt and where possible, know how to keep costs low by becoming ‘debt smart’.”
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