BACK TO SCHOOL COSTS RISE MORE THAN 7% THIS YEAR BUT PARENTS ARE HOPING TO SPEND LESS, ACCORDING TO TWO RECENT SURVEYS
August 28 -- Parents on average can expect to spend 7% more this year on school supplies than they did last year.
For those with a child in high school, the jump is a bit higher – 9.5%. That is according to a survey of prices conducted by the Midwestern bank, Huntington.
The increase is significantly higher than the rise in the Consumer Price Index which rose only 1.5% over the past year. The higher costs for supplies are attributable not only to slightly higher prices, but also to additional expenses
brought on by changes taking place in education.
According to the Huntington study, parents will likely spend about $577 on an elementary school-aged child (5.3% increase over 2012), $763 on a middle school child (5.3% increase); and $1,223 (9.5 % increase) on a high schooler. The index not only includes basic supplies like backpacks, pencils, notebooks and paper, but also musical instrument rentals, and also factors in changes in education that often impose more financial burdens on parents.
These include new technologies like flash drives and tablets that have become ubiquitous in the modern classroom at all levels, and at the secondary level, “pay for play” sports. In districts where the cost is incurred by the district, parents can obviously expect to spend less. (Click here for Huntington Bank press release)
According to a separate survey conducted by the Nation Retail Federation, parents expect to spend less this school year than they did last time around. Unlike the methodology used by Huntington, which looked at prices at the discount store Big Lot and Staples on-line, the National Retail Federation surveyed parents on their spending expectations. According to the survey, parents on average spent 688.72 last year, while this year they expect to spend 634.78. For college students, parents expect to pay more - $836.83, down from $907.22 last year .
Of course we all know that what we expect to pay is often far less that than what we actually end up spending.
According to the NRF if you haven’t already started your shopping, you are in the small minority. 2.6% will shop after the start of school; 2.8% during the week school starts; 21.8% one to two weeks before school; 49% three weeks to a month before; and 23.9 at least two months before.
(T. Madden)
For those with a child in high school, the jump is a bit higher – 9.5%. That is according to a survey of prices conducted by the Midwestern bank, Huntington.
The increase is significantly higher than the rise in the Consumer Price Index which rose only 1.5% over the past year. The higher costs for supplies are attributable not only to slightly higher prices, but also to additional expenses
brought on by changes taking place in education.
According to the Huntington study, parents will likely spend about $577 on an elementary school-aged child (5.3% increase over 2012), $763 on a middle school child (5.3% increase); and $1,223 (9.5 % increase) on a high schooler. The index not only includes basic supplies like backpacks, pencils, notebooks and paper, but also musical instrument rentals, and also factors in changes in education that often impose more financial burdens on parents.
These include new technologies like flash drives and tablets that have become ubiquitous in the modern classroom at all levels, and at the secondary level, “pay for play” sports. In districts where the cost is incurred by the district, parents can obviously expect to spend less. (Click here for Huntington Bank press release)
According to a separate survey conducted by the Nation Retail Federation, parents expect to spend less this school year than they did last time around. Unlike the methodology used by Huntington, which looked at prices at the discount store Big Lot and Staples on-line, the National Retail Federation surveyed parents on their spending expectations. According to the survey, parents on average spent 688.72 last year, while this year they expect to spend 634.78. For college students, parents expect to pay more - $836.83, down from $907.22 last year .
Of course we all know that what we expect to pay is often far less that than what we actually end up spending.
According to the NRF if you haven’t already started your shopping, you are in the small minority. 2.6% will shop after the start of school; 2.8% during the week school starts; 21.8% one to two weeks before school; 49% three weeks to a month before; and 23.9 at least two months before.
(T. Madden)
