The average debt for school supplies is reportedly €368, however, 32% of indebted parents say they owe more than €500 for back-to-school costs. More than one in four parents find themselves in debt because of back-to-school costs, according to the Irish League of Credit Unions (ILCU)'s 2024 Back to School survey. The study included 716 parents and was carried out by i-Reach in June this year.
The survey revealed that, while most parents pay for back-to-school supplies using their existing savings or income, 28% rely on debt. For those parents, the average debt for school supplies was €368. This was a €62 rise from last year with 32% of indebted parents owing more than €500 for school supply costs.
Some 19% of parents paid for the back-to-school supplies with a credit card, according to the survey. A missed or late payment on a credit card is likely to incur credit card higher-than-average interest rates, thus increasing the debt burden. Many indebted parents turn to Buy Now Pay Later (BNPL) schemes to cover these costs.
Again, they are likely to be at a higher interest rate than a bank overdraft. The study estimated that, this year, total back-to-school expenses came up to about €1,086 per primary school child on average, whereas for secondary school children, this shot up to €1,401 per child. While primary school parents saw a welcome decrease of €66 per child, for parents with secondary school children, this was a €113 rise.
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