Cost of Back to School supplies rises
Parents in the United Kingdom (UK) are expected to spend an average of 8.5% more on school supplies for the new term than they did last year a study by WorldRemit has found.
WorldRemit’s 2022 Cost of School study reveals how the changing macroeconomic environment has affected the true cost of education in the UK.
The study, first launched in August 2021, compares the average cost of basic educational needs with average annual incomes and fertility rates to determine the season’s financial impact on families in the UK.
In the UK, the average cost in 2022 for items such as school uniform, stationary and other daily essentials was £143.39, an 8.5% increase from 2021’s total of £132.19. With an average of 1.63 children per UK household, the average total cost of school supplies per family now equates to £233.72.
The items analysed included clothing, stationary, and other essentials such a lunchboxes and water bottles.
Of the 10 countries examined in both 2021 and 2022, four are considered developed countries: United Kingdom, United States, Canada, and Australia. The 2022 findings reveal the average household income decreased by 4%, fertility rates remained steady and the cost of basic school supplies increased globally by more than 7% on average.
Across all 10 countries observed in both 2021 and 2022 studies, the dramatic increase of specific school items illustrates how inflation is hitting home on schooling costs and impacting families across the world, depending on how many items they needed to buy for this upcoming year.
Other countries observed include: Uganda, Tanzania, Nigeria, Morocco, Zimbabwe, Cameroon, Ghana and Kenya.
WorldRemit recently connected with 3,000 international money senders to learn how inflation is impacting their daily behaviours and spending habits. The group listed educational support as one of the three primary reasons they send money overseas, but noted that as a result of the rising living costs, 52% now send money abroad to fewer people, with 72% now only sending to close family.
More than 244 million people are classified as immigrants around the world and account for large percentages of populations in countries like the United States (14.4% of total population), UK (9%), Australia (30%) and Canada (21.5%).
For the nearly 250 million people who live in different countries than their families, understanding the true cost of education is often top of mind. As such, planning for a child’s return to school can take months of financial planning for those working overseas to support family in their home country.
Back to School supplies
WorldRemit is a leading global payments company and, along with Sendwave, part of Zepz, a group powering two global payments brands.
It disrupted an industry previously dominated by offline legacy players by taking international money transfers online - making them safer, faster and lower-cost. WorldRemit and Sendwave currently send from 50 countries to recipients in 130 countries, operate in more than 5,000 money transfer corridors worldwide and employ over 1,200 people globally.
On the sending side WorldRemit is 100% digital (cashless), increasing convenience and enhancing security. For those receiving money, the company offers a wide range of options including bank deposit, cash collection, mobile airtime top-up and mobile money.
- The full results of the study are available at: https://www.worldremit.com/en/back-to-school