UK Parents Feel the Financial Squeeze as Back-to-School Costs Soar, Reveals New Survey by Loqbox

A new survey by Loqbox, the UK’s leading credit building business, has unveiled the significant financial burden faced by parents as they prepare for the back-to-school season. The survey highlights that the cost of school uniforms and supplies is a major source of stress and anxiety for many families, with some parents resorting to loans or credit to cover these essential expenses. 

Parents of secondary school-aged children face the highest expenses, with an average of £422 spent annually on uniforms alone. Primary school uniforms aren’t far behind, costing parents an average of £287 each year. Many schools insist on parents buying costlier branded items rather than cheaper alternatives from supermarkets like Asda and Aldi, which is a key driver of these high costs.

The survey, which asked parents across the UK their view on back-to-school expenses, found that:

• Half (50%) of respondents reported that the cost of school uniforms and supplies for the upcoming school year felt very expensive or too expensive, leading to heightened feelings of stress or anxiety.

• 60% of parents pointed to budgeting and preparation strategies to manage these costs. This includes saving throughout the year, allocating funds from monthly wages, using existing savings, and purchasing items from cheaper providers, bit by bit or on sale. Many are also opting for own-brand or second-hand alternatives to mitigate these high costs.

• 25% of parents mentioned relying on support from their families and friends, or taking loans or credit to cover the costs, further highlighting the financial strain and anxiety that back-to-school expenses can cause.

• Just 10% of parents expressed no concern about these costs, either because their children have left school or because they have adequate financial resources set aside.

Tom Eyre, Co-CEO and Co-Founder of Loqbox, commented: “Rising back-to-school costs place immense pressure on families, especially those already stretched thin by high energy bills and ongoing inflation. Many parents are forced to make tough choices, like cutting back on essentials such as food or electricity, just to afford uniforms and supplies. 

“Back-to-school expenses go beyond just uniforms; they include the likes of stationery, shoes and lunchboxes. As a result, many families need to budget for these costs throughout the year to manage the high expenditure in September. However, there is hope. Initiatives that promote financial education and planning, as well as community-based efforts like uniform exchanges and charity support, can make a real difference. Together, we can help ensure that every child has what they need to succeed at school, without placing undue stress on their families.”

Gregor Mowat, Co-CEO and Co-Founder of Loqbox, added: “The back-to-school season is a challenging time for many parents, as they strive to balance their children’s needs with financial constraints. Our survey shows that while parents are going above and beyond to manage these costs, many still feel the pressure. By enhancing financial awareness and planning throughout the year, families can reduce this stress and make back-to-school expenses more manageable.

“At Loqbox, we’re committed to helping families improve their financial wellbeing. By providing tools and resources that encourage building positive budgeting and savings habits, we aim to empower parents to navigate these challenging times with greater confidence.”

Loqbox remains dedicated to empowering families across the UK with the financial knowledge and tools they need to manage their finances effectively, particularly during periods of increased expenditure like the summer holidays and the back-to-school season.