Parents to spend $300 per child on back-to-school items

Canadian parents plan to spend more than $300 per child on back-to-school items, finds RetailMeNot.ca. Further, 54% are entering this shopping period with no budget in mind.

Here are some additional findings.

• 59% plan to use back-to-school shopping as an opportunity to educate their children on budgeting and the concept of wants versus needs.
• 51% help their kids seek out a better deal on items that are out of budget.
• 28% show kids how to save money by using coupons and shopping for sales.
• 34% feel pressure to purchase trendy items to help their kids fit in at school.
• 44% shop at multiple retailers, based on what stores offer the best prices and sales.
• If their children want an item outside of budget, 23% will tell them they can’t have it.
• Quebec parents are willing to dish out the most, spending an average of $397, and 29% plan to spend more than $500.

Also read:

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How post-secondary students can save

Income sources for students

Staff

The staff of Advisor.ca have been covering news for financial advisors since 1998.