Parents are Creative in Order to Cover the Costs of Returning to School
The Coinstar® Back-to-School Survey, conducted among 1,004 U.S. parents, was released today and reports that nearly three in five parents say they’re stressed about back-to-school and the top stressor is school-related costs. Two-thirds (66%) of parents surveyed create a back to school budget compared to 57% in 2017. Budget pressure is prompting parents to consider creative ways to combat rising costs, survey results show.
Creative solutions to rising school costs
Of parents who report back-to-school stress, two-thirds (66%) reveal it’s related to school costs. That may explain why parents are finding creative solutions to lower stress and better manage costs. The survey reports these findings:
- 33% say they would consider a crowdfunding platform like GoFundMe or Kickstarter to pay for extracurricular school activities or school trips
- 68% have planned to make school lunches for their kids to save money
- 57% would consider or are planning on cashing in spare change to help offset school costs
- 69% of parents who shop without their kids stay on budget
Clothing expenses top the list for back to school
Clothing is the biggest back-to-school ticket item by far with 59% of parents saying this is the largest anticipated expense; followed by school supplies and extracurricular fees and equipment, both at 16%.
According to the Coinstar Back-to-School Survey, shopping for back to school is a top anxiety driver for parents who say they are stressed by the return of the school year.
Regarding spending per child on back-to-school expenses, 45% of respondents plan to spend between $101 and $300, while 24% plan to spend less than $100, and 17% between $301 and $500. Most parents say they will use cash on hand to pay for school costs.
Could Uber be the trendy way to send kids to school?
A new age may be changing the way parents send their kids to school. According to the Coinstar Back-to-School Survey, nearly one in four (23%) of parents with kids in the 6th through 12th grades would allow their child to take a ride-share service like Uber or Lyft to and from school.
