Nearly 75% of parents have admitted that the cost of sending their children back to school causes significant financial pressure.
In a new survey conducted by the Irish League of Credit Unions (ILCU), the findings discovered that despite a slight decrease in costs compared to last year, many Irish families are still struggling as September looms.
Overall, the research confirmed that parents across the country are spending approximately €1,152 for primary school children, and €1,288 for secondary school students.
Compared to last year’s statistics, there has been no change in the percentage of parents reporting going into debt because of back to school costs. 29% of families have stated that they have reached financial debt, with many borrowing over €500 to cover the costs.
13% of parents have stated that they are seeking a loan to cover other household costs, while 18% of families have noted that they are trying to earn more money elsewhere to cover the high costs.
Sadly, 40% of Irish parents have confessed that they have had to either stop or reduce the number of extracurricular activities that themselves or their children do, in order to try and save money.
Even though the Government has introduced a free book scheme for primary schools this year, almost half of parents have not had contact from their child's school about the scheme.
The CEO of ILCU, David Malone, expressed that help is out there for families who need it.
“Thankfully, the message on getting a credit union loan rather than using Payday or money lenders for help with back-to-school expenses seems to be getting through,” he stated.
