TRENTON, NJ – It’s that time of year in New Jersey. Empty your wallets for new clothes, new school supplies, and a few new tech gadgets. Except this year, it will cost you more than ever, and there’s no Phil Murphy school tax holiday.
That’s right, the election is over, and the governor doesn’t need any gimmicks to get him over the finish line. So, you’re on your own as you further deplete your savings.
But who’s to blame? Some say it’s Bidenomics. Other say a president a long time ago is still to blame.
Either way, it’s that time of year again—back-to-school season. But instead of being filled with excitement over new notebooks and fresh kicks, many parents are facing a different emotion: financial panic. A new study from WalletHub is revealing just how heavy this year’s school supply list is weighing on wallets across the country. Spoiler alert: it’s a lot.
We all know that back-to-school shopping can feel like a never-ending scavenger hunt, but this year, the list seems even longer—and pricier. According to WalletHub, a whopping 79% of parents think schools are asking for too much. It’s like every year, the supply list somehow grows another mile long, and your bank account shrinks just as fast.
If you’ve found yourself questioning whether back-to-school shopping is getting out of hand, you’re not alone. A staggering 86% of parents believe the cost of education has officially spiraled out of control. From pricey tech gadgets to brand-name supplies, it’s no wonder parents are feeling the pinch. And let’s not even get started on those school fees that seem to pop up out of nowhere.
In another not-so-surprising twist, 52% of parents say they expect to spend more this year than they did last year. So, if you’re cringing every time you swipe your card at the checkout, just know that half of the parents in America are probably doing the same.
The study also found that 77% of parents are willing to go into debt for their child’s education, up from 72% last year. Yep, the cost of making sure your kid has everything they need (and maybe a few things they don’t) has gotten so high that nearly 8 in 10 parents are okay with taking on debt to cover it.
As families gear up for another school year, the financial strain is impossible to ignore. The costs keep climbing, and parents are increasingly feeling the squeeze. So if you’re looking at your back-to-school shopping list and considering a second mortgage just to cover it, know that you’re not alone. This year, it seems, the back-to-school crunch is realer than ever.
When in doubt, don’t be afraid to look for deals, embrace those hand-me-downs, or even—gasp—say “no” to some of the more extravagant requests. Your wallet will thank you later.
