Back to School costs a financial burden for 62% of parents

The Irish League of Credit Unions (ILCU) has published the 2024 results of its annual Back to School survey which tracks the costs and impacts of children returning to school as well as broader cost of living factors.

The 2024 research has found that 62% of parents say that covering the cost of back to school is a financial burden.

Commenting on the 2024 findings, David Malone, CEO, Irish League of Credit Unions said; “This year’s back to school survey findings are very insightful as they show that Government initiatives such as the Free School Books scheme do seem to have eased the financial burden for some families. However, there is a still an onerous cost burden on parents with increasing levels of associated debt linked to schooling and the cost of living.

“The 2024 research shows that 28%, more than 1 in 4, of parents are taking on debt to cover back to school costs, with the average debt amount at €368, which is an increase of €62 on the same figure last year. The issue of debt is significant, and it should be noted that 32% of parents in debt have debts of over €500 to cover these costs.”

Mr Malone continued, “Theses costs and increasing levels of debt have a knock-on effect as our 2024 research shows that 46%, almost half, of parents of school children who’ve been affected by the Cost of Living since the start of 2024 say they’ve cancelled or reduced non-essential service or activities to cover rising costs, and 23% are trying to earn additional income. Added to this, our research found that 86% of parents with schoolchildren say their income or household costs have been affected by rising costs of living, with 91% of those affected experiencing additional grocery costs and 89% seeing additional costs to utility bills.

“Overall, we want parents of both primary and secondary students to know, credit unions are here to help plan out and manage these expenses. As not-for-profit organisations, established in communities all across Ireland, we understand the impact of these important costs on households, and we would encourage anyone who has concerns to talk to their local credit union.”

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