By Callum Ludwig
With new school supplies likely to burn a hole in budgets before school returns, new data has indicated the financial pressure on families could be heightened this month.
Comparison site Finder has found that school supplies alone are expected to cost up to $2.6 billion, and when other costs are considered – like tuition fees, uniforms, technology, camps, excursions, sporting and musical equipment and transport costs – Australians families will have forked out $11.4 billion.
Wandin North Primary School parent council member and OC Partners accountant Ben Caines said everyone is still trying to work out the new normal, including prices.
“We’ve been through so much with lockdowns, and people have wanted to go out or spend a bit of time away from home on holidays and now the reality has started to set in, with the increase in prices for fuel, food and even school supplies,” he said.
“Especially when it comes to the jump from primary school to high school, there’s a lot of new costs such as new uniforms, but I think with a strong budget and careful planning, families will be okay.”
Families are expected to spend $2,325 for each primary school child and $4,212 for secondary students on average in 2023.
Mr Caines said there is also significant pressure on people due to rising interest rates and falling property prices.
“Over the last few years, people had a lot of growth in their properties and that growth has helped them pay for everyday expenses, but that has started to turn around, which will be challenging,” he said.
“When I was growing up, there were people working two or three jobs just to put kids through school or to survive, but now everyone’s sort of been accustomed to working one job and it will be the first time they are going through this. There will be support from schools and school councils though because it’s their responsibility to keep those costs low where they can and ensure kids have an education, which is the most important thing.”
Of the 1032 parents of children under 12 surveyed in Finder’s Parenting Report 2022, 17 per cent are contemplating moving their child from a private school to a public school to reduce their expenses.
School fees can average anywhere between $204 for a public primary school to $10,662 for an independent secondary school, totalling $3.4 billion alone.
Finder provides the following tips to save on school spending:
Write a list and set a budget, shop online to avoid making impulse buys using the list drafted earlier, re-use what you can with items like lunchboxes, pencil cases and school bags likely to still be in good condition and label everything to help find any items that get lost in the hustle and bustle of the year.
