Abacus Daily Debt News

Back-to-school costs to add to debt woe?

Individuals who are already struggling to clear their debts may be pushed over the edge by the cost of their kids returning to school.

This is because research carried out by Gocompare.com has discovered parents will have to collectively part with over £1.2 billion on a variety of products for their children as they enter the new academic year.

New school uniforms, PE kits, school bags and pencil cases are just some of the things that may affect those hoping to get debt free.

The average amount spent by mums and dads on their offspring for this purpose is £134, with 49 per cent of kids admitting they now take a mobile phone to school.

Phil Paterson-Fox from Gocompare.com noted: "Parents are increasingly faced with the prospect of their children packing their school bags with ever more valuable items."

A recent study carried out by Hiscox found up to £770 worth of sporting equipment is regularly left unsecured in homes.

Posted by Amy White