It may still be the summer holidays but many parents are already preparing for the back to school time of year. The Irish League of Credit Unions has recently released the results from their annual survey of the costs of sending children back to school. 72% of parents feel the back to school spend is a financial burden, with more than a quarter (27%) saying the costs will impact negatively on household bills. However, more parents than ever are now in a position to finance back to school costs through their monthly income 71% compared to previous years.
From the survey, 29% of parents said they will borrow to fund the back to school costs. Of those who said they would have to borrow, the average amount borrowed is €345 this year. Primary school parents on average borrow €310, this is significantly less than secondary school parents who borrow €415.
A rise in the numbers using moneylender was small, we would find any increase like this concerning and would really encourage parents to instead talk to their local credit union, where interest rates are fair and capped by law. We would encourage all members borrowing to come and talk to us first. Your credit union is here to help! You can now make a loan enquiry through our website here at any time and anywhere!
The vast majority of parents believe that Irish schools aren’t doing enough to support them in helping to keep costs down. With more than three quarters holding this view. The figure is even higher for parents of secondary school students at 85%! A clear indication that parents don’t think that schools are doing enough!
From the survey, it is good to see that more parents than ever are able to cover the back to school costs through their monthly income! However, it is still very clear that back to school costs are a financial burden on families. It forces parents to make tough choices on basic items and sacrifice spending on family holidays and even food.
For more information on back to school costs can be found on the ILCU website.