Back To School Expenses Exceed $3,000 Again
According to a new Back-to-School Survey from Myvesta, a nonprofit consumer education organization, Americans will spend $3,164 on back-to-school expenses this year. While it may seem like a lot, it's $225 less than people spent last year. According to the survey, 53% will spend more that $1000 on their back-to school expenses while 47% plan to spend less than $1,000.
“Back-to-school is the most expensive time of year for many American families; more costly than summer vacations and holiday shopping combined,” said Steve Rhode, president of Myvesta. “Most families don’t have extra cash this year to splurge on the latest and greatest back-to-school gadgets, clothing or dorm room decorations and when they are spending they are looking to get the most for their dollar.”
According to the survey, people will be spending the following amounts in these 7 categories this year:
Electronics: $281 - Including computers, printers, software, calculators, cell phones, etc.
Dorm Room Supplies: $98 - Including bedding, towels, toiletries, refrigerators, cooking supplies, etc.
Clothing: $374 - Including coats, shoes, uniforms, backpacks, accessories, etc.
Desk Supplies: $146 Including pens, pencils, notebooks, books, reference materials, etc.
Fees: $1,852 Including application fees, tuition, health assessments, deposits, etc.
Transportation: $462 - Including Air, bus and rail travel, car purchase, subway passes, etc.
Sporting/Extracurricular Activities: $141 Including equipment, jerseys, uniforms, coaching fees, etc.
Total for Back-to-School: $3,164 - The average of all responses
The one category where spending significantly increased from the previous year was fees, where the average American plans to spend 21.4 percent more than they did last year.
“The one place where families cannot spend less on their back-to-school spending is fees, which we are seeing rise every year,” Rhode said. “Colleges are raising tuition just about every year and more and more school districts are passing increased costs on to the parents. In just about every other category people are showing that they are trying to cut back and save where they can.”
Some other results from the survey include:
- 56.8% of Americans plan to spend money on back-to-school expenses.
- Males plan to spend over $1,000 more than females on back to school expenses. Males plan to spend $3,780 while females plan to spend $2,634.
- People living in the Northeast plan to spend the most on back-to-school with an average of $3,291. Midwest residents plan to spend $3,230. Those in the West plan to spend $3,157 and people in the South plan to spend $3,058.
- People aged 18-24 plan to spend $5,368 on their back-to-school expenses. Those in the 25-34 age bracket average $2,897; people 35-44 average $2,173; people 45-54 average $3,499; people 55-64 average $2,777 and those aged 65 and older plan to spend an average of $2,704.
|
.
