Back to school spending to increase debt concerns?

The debt concerns of many parents in the UK may soon be heightened because of increased spending as their children head back to school.

With the summer holidays drawing to a close, the new Cost of a Child study carried out by LV= showed mothers and fathers will shell out a combined £709 million on kitting out their youngsters for the year ahead.

Moreover, this total only includes the basics, such as uniforms, stationery, coats and sportswear.

It means the average pupil will have approximately £122 spent on them on school-related necessities.

And this sum rises to £139 for secondary school aged children, while for infants it stands at £96.

Geographically, families in London will have to dig deepest into their pockets as they will need to fork out £139 per child.

Although the nation remains in the grip of economic uncertainty, almost half of parents (46 per cent) said they expect to spend more cash this time around than they did at the beginning of term in 2009.

And with this additional outlay, almost one-in-two (48 per cent) admitted they are feeling the financial pressure of having to pay out “excessive amounts” for their offspring.

This was especially prevalent in the North East, where 64 per cent noted they were experiencing the monetary strain.

Head of protection at the organisation Mark Jones commented: “£122 is a lot of money for parents to spend kitting kids out to go back to school, and that’s just one small part of the expense of raising a family.”

A recent study by Family Investments revealed living costs for older students are currently on the rise.

By James Francis