Key Points
- Australians are expected to spend $2.5 billion on back-to-school purchases.
- Thirty per cent of families are unable to afford the cost of essential items such as stationery.
- Eleven per cent of parents said they would have to go into debt to cover costs.
Amid cost-of-living pressures, a growing number of Australians are struggling to cover costs related to sending their children back to school.
A recent Finder survey of 1,039 people showed 30 per cent of respondents were unable to pay for essential equipment such as stationery and uniforms, with more Australians turning to loans to get their children back to school.
Eleven per cent of parents surveyed admitted they would have to go into debt to pay back-to-school costs, which average $2,547 for a primary school child and $4,793 for secondary students.
The research showed 50 per cent of Australian parents could comfortably afford their child's back-to-school costs.
On Thursday, NAB said it expected customers to take out no-interest loans of more than $640,000 in February.
The total value of the bank's education loans has grown by 73 per cent since 2018.
Australians to spend billions in back-to-school costs
Australians are expected to spend $2.5 billion on back-to-school purchases, with stationery, uniforms and footwear the most common buys.
The inaugural Australian Retailers Association research found about five million Australians would spend an average of $512 each on school supplies.
Forty-four per cent said they would spend more than last year while 22 per cent said their bill would be about the same, the research done in partnership with Roy Morgan showed.
The most popular purchases would be stationery, school uniforms, footwear, books and lunch boxes.
ARA chief executive Paul Zahra acknowledged some families would struggle, noting schools and state governments had exemptions and financial support available.
"With the cost-of-living crunch, it's very tough out there for a lot of families - especially when it comes to purchasing back to school items for their children," he said.
"These aren't just items on a shopping list - they're essentials that can make a real difference in a child's life."
But Zahra said the projected spend on back-to-school items was a positive sign for retailers.
"With high interest rates and tighter budgets, parents will be expecting better value than ever before."
