Purchasing school supplies is taking its toll on parents who admit to sacrificing buying necessities to ensure their children have what they need for the year.
It's a sacrifice no parent wants to make. Yet, a recent study by Intuit Credit Karma revealed that 50% of parents surveyed plan to do just that. They are trading up groceries and paying bills in order to ensure their children are covered for the school year, according to the report. It's even worse for younger parents.
According to the survey, 60% and 56% Gen Z and millennial parents, respectively, are also prioritizing back to school supplies over those necessities too.
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The cost of school supplies has risen up 24.5% over the past four years according to the labor department. This year, over 30% of parents surveyed say they can't even afford back-to-school shopping this year, but a handful are willing to go into debt to do it. Nearly one third of parents are willing to take on up to $500 in debt, while more than one-in-six are willing to take on up to $750 in debt just to cover the costs, according to the report.
Another one-in-six are willing to reach $1,000 though some parents say that figure rises above $2,000.
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"Education costs are primarily spotlighted at the college and post-college levels, yet parents are on the hook for school-related expenses as early as pre-K," Credit Karma consumer financial advocate at Credit Karma Courtney Alev said.
Parents with younger children in particular "are likely entering the school year already stretched thin after covering costs for summer childcare, which could be why many parents expect to be in the red after back-to-school shopping this year," Alev said.
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According to the annual survey by the National Retail Federation and Prosper Insights & Analytics, families with children in elementary through high school plan to spend an average of $874.68 on clothing, shoes, school supplies and electronics.
That's slightly down from last year's record, yet it is still the second-highest amount in the survey’s history.
Total back-to-school spending is expected to reach $38.8 billion, which is also the second-highest figure on record, according to NRF.
