A poll conducted this month found that back-to-school shopping could put nearly a third of Americans in debt.
Shoppers are likely to face higher prices for a range of back-to-school items, from school supplies to clothing, on top of already soaring prices for essentials like food and housing.
A July Bankrate poll of more than 2,300 adults found that 31% of shoppers said buying school supplies would mean going into debt.
This is in line with a similar survey by Intuit Credit Karma, which found that 31% of parents can’t afford back-to-school shopping, and 34% would be willing to go into debt to cover the costs.
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A worker stocks shelves with back-to-school supplies at a Target store in Colma, California, on Aug. 3. Polls show that about a third of Americans say they will go into debt because of their back-to-school shopping. A worker stocks shelves with back-to-school supplies at a Target store in Colma, California, on Aug. 3. Polls show that about a third of Americans say they will go into debt because of their back-to-school shopping. View more Justin Sullivan/Getty Images
Although many Americans expect to take on debt this semester, adults still say their back-to-school shopping has been less stressful than last year.
Inflation stood at 2.9% in July, but prices continue to fall. The July Consumer Price Index was the lowest since March 2021. Inflation hit a record high of 9.1% in mid-2022.
“Shoppers are holding their wallets less tightly this year,” Ted Rothman, senior industry analyst at Bankrate, said in the report, “but it’s important not to let your guard down.”
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Still, costs can add up: Families with children in elementary through high school were projected to spend $874.68 on supplies, $15 less than last year’s average.
Another report from WalletHub found that 75 percent of parents said they were asked to buy too much when it came to back-to-school shopping, and for families buying new clothes for the new school year, the costs can be even higher.
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For those who want to save money this year, there are several strategies you can implement.
According to a Bankrate survey, 28% of school shoppers plan to look for deals and coupons, and 21% plan to buy cheaper brands. Some are simply skimping on supplies, with 19% saying they plan to buy fewer supplies because of price.
“Many Americans are in deep debt in the years since the pandemic, and when it comes to necessary expenses like back-to-school essentials, they feel they have no choice but to dig themselves even deeper into a debt hole,” Alex Bean, a financial literacy teacher at the University of Tennessee at Martin, told Newsweek.
“Like most things, school supplies have become more expensive in recent years,” he said. “While it should be a planned expense, like tax time or holiday shopping, the reality is that for many Americans, back-to-school costs creep up on us every year.”
Bean said extracurricular activities could drive up tuition costs for many families, with far-reaching effects.
“If you can’t plan for and limit future expenses that will put you in even worse financial straits, it’s impossible to get out of debt,” Bean said.
“The smart thing to do is make a six-month plan for your upcoming expenses, set aside cash to cover them, and have a plan for how you’re going to deal with any outstanding debts. Otherwise you’ll find yourself slipping further and further into the red.”