Parents are facing major financial difficulties due to back-to-school costs. Families are forking out mass amounts of money on books, uniforms, lunches and extracurricular activities.
It costs nearly €1,000 to send one child to primary school and €1,379 for a secondary school student.
One-third of families admitted they go into debt because of the back-to-school costs. Approximately 36 percent said they faced financial struggles at the start of the school year.
In the survey conducted by the Irish League of Credit Unions, many parents confessed they had to cut costs elsewhere, like on family holidays, so they could afford school supplies.
Parents will also have to limit their spending on extracurriculars like tennis club and drama classes. Seven in 10 said they won’t be able to splash out on after-school activities.
Four in 10 revealed they won’t be able to afford new shoes for their children, because they need to prioritise the essentials like books and uniforms.
Things like lunches, transports costs and stationary also boost the cost of returning to school, resulting in parents turning to moneylenders for financial help.
27 percent of parents revealed that they have had no choice but to borrow money off a moneylender in order to meet back-to-school expenses.
The number of parents turning to moneylenders has risen by seven percent in the last year.
Parents are borrowing up to €400, with others admitting they needed to borrow up to €800.
The cost of sending a child to school may have decreased since 2017, but parents are still struggling to meet the back-to-school costs.
