Coast Capital poll finds parents are stressed, but prepared for back to school expenses
Vancouver, BC – One-half of parents feel stressed when they think about back to school costs. However, the good news is that two-thirds of parents say they have a plan to manage costs, and most will comparison-shop to stretch their dollars, according to a Leger poll, commissioned by Coast Capital Savings.
The Leger online survey of 600 British Columbian parents who have a child going into kindergarten through to grade 12 this fall, was conducted between July 18-24, 2019.
The survey results showed that along with being stressed about back-to-school costs, 44 per cent of parents worry they can’t afford to buy everything their child requires.
“Back to school shopping can come at considerable cost and anxiety,” said Daryl Hosein, VP, Treasury for Coast Capital Savings. “The latest poll results underline the need to establish a realistic budget based on your family’s income and to build that plan based on research, as opposed to just winging it. The encouraging news here is that 70% of people are doing all the right things financially when it comes to sending the kids back to school.”
Two-thirds of parents with a child enrolled in kindergarten through to grade 12 in September believe back to school costs will impact their finances. The most anticipated costs for parents vary, based on the grade their children will be attending this year:
- For parents of children in day care, the cost of clothing is the biggest anticipated cost (68%).
- For parents of children in K-6, the cost of clothing is also the biggest anticipated cost (84%).
- For parents of children in grade 7-12, the cost of school supplies is the biggest anticipated cost (87%).
- For parents who also have young adults heading to post-secondary institutions, textbooks (76%) and school fees (73%) are the most pressing cost.
Note: The results of the Leger survey are from an online survey of 600 parents who have a child going to kindergarten through grade 12 this fall, and was conducted between July 18-24, 2019. The margin of error for this study was +/-4.0%, 19 times out of 20.
About Coast Capital Savings
Coast Capital Savings is Canada’s largest credit union by membership and B.C.’s first credit union to become a federal credit union. Owned by its 572,000 members, Coast Capital offers banking and investment services digitally and through its 52 branches in the Metro Vancouver, Fraser Valley, Okanagan, and Vancouver Island regions of British Columbia. An Imagine Canada Caring Company and a Certified B Corporation in recognition of its social performance, Coast Capital invests 10 per cent of its bottom line in youth-focused community organizations, programs, partnerships and events. The credit union has been recognized as one of Canada's Most Admired Corporate Cultures™, and holds a Best Managed Companies Platinum Club designation. Coast Capital has a history of introducing innovative products to help their members achieve financial wellbeing including Canada’s first free chequing account from a full-service financial institution and Help Extras®, enabling members to invest in their future. To learn more, visit coastcapitalsavings.com.