For some Canadian parents, sending kids back to school means overspending on new clothes, supplies and activities, and taking on debt to do it.
The back-to-school shopping season is the second-largest spending period of the year after holiday shopping, and a new survey from personal finance company NerdWallet Canada shows that this year, parents will spend $743 on average.
That’s more than $200 higher than last year’s average. What’s worse, 18 per cent of Canadian parents anticipate going into debt over these back-to-school purchases. Most of the pressure to buy everything brand new at this time of year is influenced by marketing and social media, says Jessica Moorhouse, Toronto-based personal finance expert and host of the More Money Podcast. “It’s really just about keeping up with the Joneses. But if we’re all just trying to keep up, who’s actually winning?”
The answer: Retailers. “The whole idea of back-to-school shopping was invented by retailers who want to make money during July, August and September,” Moorehouse says.
Andrea Moffat, 47, knows what it’s like to feel the pressure to buy everything new for a child.
The college professor and single mother used to spend a lot more on brand names, but has realized that her nine-year-old doesn’t need as much as she thought. These days, Moffat and her son are all about reducing and reusing. “He doesn’t need a crisp, new pencil and an untouched eraser. We can go through our supplies at home and last year’s pencil case.”
Moorhouse points out that many items don’t need to be replaced, including water bottles and backpacks that are still in good condition.
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