As parents prepare to kit their children out for the start of the new school year this week, parents will spend £709 million on “back to school” basics including uniforms, stationery, sportswear and winter coats according to the Cost of a Child study from insurance and investment group
LV=.
This is equivalent to parents spending an average of £122 on their children. This rises to £139 for secondary school aged children, compared to £96 for infants. Parents living in London spend the most preparing for their kids to go back to school at £158 on average.
Despite many families continuing to feel the squeeze in the current economic climate, nearly half of parents (46 per cent) still expect to spend a greater amount this year on ‘back to school' items than last year.
When asked to consider the financial pressures of kitting their kids out for school, 48 per cent said they are feeling the strain of having to spend “excessive amounts” on these costs, rising to 64 per cent among parents in the North East.
Over half of parents (54 per cent) are considering using low cost suppliers for back to school items, such as supermarkets to buy basics like uniform and stationery, and one in four (23 per cent) are considering giving their kids second hand items, including hand-me-downs and goods from charity shops or eBay.
In addition, almost one in five (18 per cent) say that instead of travelling by car, their children may travel to school by foot or public transport to save money, and 16 per cent are considering school dinners for their children if they work out cheaper than a packed lunch.
The survey also found that over a quarter of parents (27 per cent) who pay for extra-curricular activities for their children plan to cut back this year.
LV='s annual Cost of a Child study, released earlier this year, showed that on average parents are now likely to have to shell out more than £201,000 on raising a child from birth to the age of 21. This equates to £9,610 a year, £800 a month or £26 a day.
Education (not including private school fees) remains the second biggest expenditure behind childcare, costing parents £52,881 over a child's lifetime - an increase of 4 per cent on last year.
"£122 is a lot of money for parents to spend kitting kids out to go back to school, and that's just one small part of the expense of raising a family,” said Mark Jones, head of protection at LV=.
“So it is important that parents try and look beyond the short term and ensure they have suitable budgets and long term financial plans in place. Whilst it may seem that cancelling insurance policies or protection plans is a good way of stretching the family budget, it's really important to keep the bigger picture in mind.
"Ensuring your family's financial security against unexpected job loss, accident, or illness is more important than ever in the current climate. Protection doesn't have to be expensive, and in many cases it could turn out to be one of the best investments you'll ever make."
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