(NewsNation) — Students aren't the only ones who may be dreading returning to school as more parents feel the financial strain of back-to-school shopping.
Over 75% of parents say that schools are asking families to buy too much in preparation for the new school year, according to a new survey conducted by WalletHub. Most parents (52%) say they will spend more on back-to-school shopping this year than last year.
The nationally representative survey also found that 86% of parents think the cost of education is out of control, as 33% of parents report using coupons to save money on back-to-school shopping, making it the most popular saving method. This is followed by applying for a new credit card (29%) and shopping on a sales tax holiday (19%).
Families are projected to spend $31.3 billion on back-to-school shopping in 2024, according to Deloitte's recent back-to-school survey. Accounting for most of the back-to-school shopping, $20 billion is expected to be spent on clothing and school supplies.
Meanwhile, spending on technology is expected to drop 11%, which Deloitte said could be because many parents invested in tech products during the COVID-19 pandemic and may not be in the market for replacements yet.
Respondents to that survey said they plan to spend an average of $586 per child, which is similar to last year's number.
Aware of the financial burden back-to-school shopping can put on families, big retailers are now marketing "buy now, pay later" services as a way for customers to spread out the cost of going back to class.
Many shoppers appreciate the flexibility of “buy now, pay later,” but consumer advocates have expressed concerns that the growth of the payment method may reflect financial stress and ultimately leave Americans in more debt.
