TLDR: An Australian mother has highlighted the financial strain of sending children back to school, as one major bank warns of issuing thousands of no-interest loans to cover education expenses. The mother, called Belinda, revealed that the cost of sending just one child to school has risen to over $725, not including additional costs for events such as excursions and camps throughout the year. Belinda explained that the back-to-school season is particularly tough, with fees and book lists arriving close to Christmas. The cost for all four of her children totals over $2,637. The COVID-19 pandemic has exacerbated these expenses, with the need for devices and internet connection for homeschooling.
Belinda’s experience comes as new financial data from NAB, an Australian bank, reveals that more than $422,176 of no-interest loans will be issued to cover education expenses in February alone. NAB has provided over 22,000 Australians with $18.5 million in NILs since 2018. Additionally, research from the Australian Retailers Association (ARA) shows that Aussie parents are expected to spend $1.65 billion on their children’s school supplies, with an average of $338 spent per child. The ARA found that 44% of parents surveyed plan to spend more money than the previous year. The chief executive of ARA hopes that this spending will boost retail trade and encourage a profitable 2024.
