While most parents look forward to back-to-school season because it means they can finally get rid of their kids during the day, that’s not necessarily the case this year thanks to the coronavirus. The new school year is certainly challenging for parents, and for many it's affecting their wallets.
A new survey finds:
- 21% of parents say they’ve had to change or reduce work hours because of school changes and lack of childcare options.
- 7% have actually had to give up their jobs altogether.
- Overall, 51% of parents with kids under 18 say they are having more financial challenges due to COVID-19.
- 22% say COVID has impacted their ability to pay bills, something only 12% of non-parents say.
- 27% of parents say that since the beginning of the pandemic they’ve had to delay paying rent, credit card bills, auto insurance and retirement contributions, something only 17% of non-parents have done.
When it comes to financial concerns about back-to-school season, 68% of parents expect they’ll need an additional $500 to cover costs. Their biggest financial worries include:
- Increased food costs (26%)
- The cost of new technology and the Internet (21%)
- Increased child expenses (13%)
And parents with adult children also have some major financial worries.
- 21% with college-aged or older children have had their kids move back in with them.
- 50% are helping their adult children pay everyday expenses.
- 21% are helping them to pay healthcare costs.
- 11% are helping them to pay rent or mortgage expenses.
Source:Country Financial