Financial planning is important for people whether they are single, or married with children. This can be even more important as kids grow older and start costing a higher sum of money due to their requirements. Many parents may be uneasy about their kids’ expenses for back to school shopping, and this may be a disconnect between the two generations.
Approximately half of parents felt that getting their child the right items for a good price was the most important part of this shopping process, according to a report from Capital One. Despite this, the highest figure from their child counterparts was to have the right clothes, no matter the cost, as nearly the same level felt this way. Approximately one-fifth of this group explained that price was important.
“Back-to-school shopping season is a great opportunity for parents to help influence money management habits in their children that can last a lifetime, as we know our childhood experiences shape our adult attitudes about money,” said Shelley Solheim, director of financial education for Capital One Financial Corporation.
More than half of parents noted they plan to spend close to the same amount of money they did last year, the report showed. There was another one-quarter who felt they would have to spend more this time around, while approximately 20 percent noted they think paying less is an option.
A parent’s financial strategy may have to be altered in order to make these things happen. The report added that one-fifth explained they will spend between $150 and $200 for each child they need to shop for, while nearly 25 percent noted they will spend more than $200 for each of their kids.
Parents planning on spending more on their kids
This wasn’t the only report that found parents were spending a notable amount of their kids’ school supplies this year. A poll from Offers.com noted that only 21 percent plan to spend between $1 and $100 this summer for school-related items. Another 22 percent noted they will splash between $101 and $200 per child this year, while close to the same amount will use between $201 and $300 in this situation.
Despite this, some parents are trying to find ways to save money. The report added that 85 percent of those polled are prioritizing seeking deals on children’s clothing this shopping season.