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Majority of Parents Admit to Spending Their Way into Debt for School Supplies



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Spending Their Way into Debt for School Supplies
September 2012

As thousands of kids across the country return to school for the beginning of the fall school term, one of the leading coupon code websites in the US has conducted a nationwide survey to discover how much money parents are willing to spend for the new school year and whether or not they feel pressured to kit their children out in the hottest fashions and the latest tech gear.

One of the leading coupon code websites in the US, interested in the spending habits of parents, has conducted a survey of 2,511 adult Americans, aged 25-50, who have at least one child over the age of 6 years old starting school in September.

The study, conducted by www.CouponCodes4u.com, formed part of research into Parenting and the factors that lead parents to spend money on their children.

The parents taking part were initially asked what grade their child was entering this Fall, to which 51% of respondents said their child was in middle school, or 6-8 grade. In contrast, 35% had a child in high school, or 9-12 grade, and 12% said their child was in elementary school, or K-5 grade. 2% of respondents said that their child was home schooled.

Respondents were then asked, on average, how much they had spent on their child's back to school needs this year; such as new clothes, school materials, and tech gadgets. The majority, 38%, of parents admitted to spending $100-$200, while 29% said they spent 'up to $100'.

However, 16% of parents admitted that they had spent over $1000 on their children. When asked why they had spent over $1000, the majority, 82%, explained that they had made 'large tech purchases' such as laptops and tablet computers.

The parents taking part were asked if they felt they had 'overspent' on items for their child's back to school needs, to which just over half, 52%, said "yes". When asked to explain why, two fifths, 41%, of these respondents, cited "pressure from society and other parents" as their main reason, while 32% said that "personal worries over their child fitting in with their peers" had caused them to overspend on products.

Respondents were also asked how they had financed the purchases for their child's new school year, to which over half, 55%, explained they had got in to debt in order to buy the products; either by purchasing with a credit card, loan or overdraft. Of these, 61% explained that they "didn't know" when they'd be able to pay off the debt.

When asked which back to school items their child wanted more, clothing or the latest tech gadgets; three quarters of respondents, 73% said that their child had requested more tech gadgets than clothing for the new school year.

Mark Pearson, Chairman of CouponCodes4u.com, said the following:

"While the pressures for kids to fit in at school and being popular is nothing new, we were curious to see just how much money parents were willing to spend on back to school gear and gadgets, to ensure that their child had the latest and coolest items. It was surprising to see how much parents are willing to spend for their children, even if it meant that they went into debt and one's bank overdraft to cover the bills.

He continued:

"While it is natural to want to provide for one's children, it is important to try and do so within one's means. Buying all the latest and hottest gear for your child is not as important as being able to provide other basic necessities. At CouponCodes4u, we provide the most up to date coupon codes for you and your family, so everyone can have something new for their first day of school, without breaking the bank."

LINK: http://www.CouponCodes4u.com


Tags: Education, Parenting, Web Exclusive

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