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Back to school costs make parents' debt worries even worse

Back to school costs make parents' debt worries even worse

- Thursday, 26 August 2010

The debt problems of many Britons could be made even worse as they struggle to pay for the new school year, figures suggest. 

While many children may be looking forward to going back to school, the steadily-rising cost of books and uniforms mean that this time of year can cause headaches for many adults.

According to a study carried out by the insurance firm LV=, 46 per cent of British parents are bracing themselves to spend more on clothing and stationery than they did in 2009.

With the average family set to spend £196 on a secondary school child and £96 for every child of primary school age, almost half of those polled admitted that such outgoings will place extra pressure on their household budgets.

As well as potentially prompting many to seek out help for their debt worries, the research also revealed that one in four parents plan on cutting back on extracurricular activities as a result of this September financial squeeze.

At the same time, the latest Savings and Investment Report published by Scottish Widows has revealed that growing numbers of parents are now borrowing money from their grown-up children in order to ease their debt problems. ADNFCR-2300-ID-800041947-ADNFCR
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