Back to School Costs Hit Parents

As children prepare to go back to school, kitting them out is costing more and hitting parents hard.

According to the ‘Cost of a Child’ study by insurance and investment group LV+, parents will spend over £700 million on kitting their children out with the back to school basics – including school uniforms, stationery, sportswear and winter coats.

It clearly is time to understand how to cut the cost of going back to school as parents confirm they expect to spend out more this year than they did last.

Over half of parents are looking to use low cost suppliers such as supermarkets and others are seeking out second hand items.

Extra-curricular activities can add a lot of expense and many families are considering cutting these back as they continue to feel the squeeze in the current economic climate.

Many are also looking at the cost of food and considering school dinners for their children if they work out cheaper than a packed lunch.

LV=’s annual Cost of a Child study, released earlier this year, showed that on average parents are now likely to have to shell out more than £201,000 on raising a child from birth to the age of 21.

Whilst education accounts for the second biggest expenditure, there are a wide range of other expenses that have to be covered by parents during the lifetime of their child.

Mark Jones, LV= head of protection, said: “It is important that parents try and look beyond the short term and ensure they have suitable budgets and long term financial plans in place.

Whilst it may seem that cancelling insurance policies or protection plans is a good way of stretching the family budget, it’s really important to keep the bigger picture in mind.

Ensuring your family’s financial security against unexpected job loss, accident, or illness is more important than ever in the current climate.

Protection doesn’t have to be expensive, and in many cases it could turn out to be one of the best investments you’ll ever make.”